Texas Instruments price target raised to $148 from $146 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Texas Instruments (TXN) to $148 from $146 and keeps an Underweight rating on the shares. Tariffs are bad for end demand, but will require a customer inventory build, particularly if the tariff situation remains this dynamic, the analyst argues. After two years of customer inventory reduction, the need to restock amid tariff uncertainty offsets demand destruction, at least for now, the analyst tells investors. However, the firm remains concerned that gross margins and cash flow will “stay weaker for longer,” with TI also having “idiosyncratic tariff risk.”