BofA Securities Reiterates Buy Rating on Texas Instruments
BofA Securities analyst Vivek Arya reiterated a Buy rating and $320.00 price target on Texas Instruments (NASDAQ: TXN).
“We hosted Mike Beckman, TXN’s head of IR, for a well-attended virtual fireside chat following strong Q1 results and above seasonal Q2 guide.
Recovery appears broader and better quality than last year’s 1H move.
TXN currently sees no evidence of pull-in from their customers as they remain cautiously optimistic on the durablity of demand into 2H.
TXN sees broad based strong industrial growth (+30% YoY, +20% QoQ in Q1) with every sub sector growing both sequentially and year-over-year.
Industrial remains 15% below the 2022 peak despite the strong quarter, supporting how the current rebound remains a catch-up to trend rather than an overshoot.
TXN was careful not to extrapolate too far; as in prior cycles, TXN’s direct model and short lead times mean only a limited portion of the Q is locked in, so mgmt. wants to let Q2 play out before making a stronger call on whether this upturn is durable or risks becoming another false start.
We maintain Buy and continue to like TXN’s high quality US-based profile within this recovery environment.”
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