Texas Instruments price target lowered to $215 from $250 at KeyBanc

KeyBanc lowered the firm’s price target on Texas Instruments (TXN) to $215 from $250 given the compression in market multiples, while keeping an Overweight rating on the shares. The firm notes the company reported strong Q1 results and Q2 guidance, which both exceeded expectations. Results were driven by the bottoming of the cycle, as they are seeing a broad recovery across industrials and are seeing low customer inventories across all end-markets, but did acknowledge that given the tariff uncertainty that customers are pulling in/building inventory but have yet to see negative impacts.