Goldman Sachs double downgraded Texas Instruments (TXN) to Sell from Buy with a price target of $156, down from $200. The firm adjusted ratings in the semiconductor group as part of its 2026 outlook. Goldman sees hyperscaler artificial intelligence spending continuing to move higher, driving tailwinds for digital, memory and storage in 2026. It also also sees a gradual industrial and automotive recovery driving cyclical tailwinds in analog. The analyst cites Texas Instruments’ “lackluster” execution through the cycle, and less leverage than peers in the upcycle for the double downgrade.
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