Texas Instruments price target lowered to $170 from $200 at Cantor Fitzgerald

Cantor Fitzgerald lowered the firm’s price target on Texas Instruments (TXN) to $170 from $200 and keeps a Neutral rating on the shares. Texas Instruments reported a Q3 revenue beat but guided Q4 sales below consensus amid a slower recovery tied to macro uncertainty and soft demand, the analyst tells investors in a research note. The bigger surprise was on margins, with Q4 gross margin guidance at ~54.5%, well below expectations, driven by lower utilization, higher depreciation, and ongoing end-market weakness, Cantor says.