Texas Instruments upgraded to Buy from Hold at TD Cowen

TD Cowen upgraded Texas Instruments (TXN) to Buy from Hold with a price target of $245, up from $200. The firm has added confidence that the industrial semiconductor de-stocking is ending. Texas Instruments is positioned to outperform in either a sharp or gradual recovery, the analyst tells investors in a research note. TD says that while the stock’s valuation is “rich,” the company is a “unique asset” and should be a core holding as its free cash flow normalizes to over 35% margins.