TD Cowen Raises Texas Instruments Price Target to $300
TD Cowen analyst Joshua Buchalter raised the price target on Texas Instruments (NASDAQ: TXN) to $300.00 (from $250.00) while maintaining a Buy rating.
“Results/guide featured upside bulls have been waiting for, with strong industrial and DC growth allowing our thesis that GM%s have outsized torque on volume to play out.
Growth durability from here still needs to be proven, but secular and cyclical signs are both positive.
Pricing is incrementally (modestly) favorable, but we are cautious to model significant Y/Y improvement for now. Buy, $300 PT.
Our Thoughts: Not much to pick on this quarter, with results, guidance, and tone all better than our cautious optimism into earnings (here).
TI’s +8% Q/Q above-seasonal guide more than met Street expectations, and implied GM% of 59.5% (our estimate) gives a proofpoint that GM and FCF can accelerate quickly as volumes return.
Our FY26/27 estimates move higher as demand improvement appears stronger and more durable.”
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