KeyBanc Raises Texas Instruments Price Target to $325

KeyBanc analyst John Vinh raised the price target on Texas Instruments (NASDAQ: TXN) to $325.00 (from $240.00) while maintaining an Overweight rating.

“Strong Results and Guidance, as Industrials and Data Center Demand Accelerates; TXN posted strong 1Q results and guided 2Q higher.

Strong results were driven by stronger demand within Industrials, which grew 20% q/q and 30% y/y, and Data Center, which grew 25% q/q and 90% y/y.

TXN noted Industrial demand broadened and accelerated through 1Q, as it observed q/q and y/y growth across all sectors and geos.

Upside was not due to pricing; however, TXN indicated if demand sustained, it would consider increasing pricing. Auto was flat q/q but did see China weakness (-midteens q/q).

We’re encouraged by these results and as such are raising ests and our PT to $325. Reiterate OW.”

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