Texas Instruments price target lowered to $192 from $197 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Texas Instruments (TXN) to $192 from $197 and keeps an Underweight rating on the shares. The June quarter was “good overall” for analog semiconductor companies, but expectations for September quarter outlooks “set a high bar” and “prints underwhelmed,” sending global stocks in the group down an average of 5% on earnings day, the analyst tells investors. The recovery slope looks flat exiting the quarter, with more constructive expectations for the December quarter and first half of next year, though historically low customer inventories may drive replenishment and the undershipping gap is narrowing, “offering potential upside to numbers,” the analyst added in a note reflecting on analog earnings season.