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Texas Instruments upgraded to Market Perform from Underperform at Bernstein

Bernstein upgraded Texas Instruments (TXN) to Market Perform from Underperform with a price target of $180, up from $140. The shares have underperformed substantially since September 2023, the analyst tells investors in a research note. The firm says the gross margin thesis that was key to its 2023 downgrade has mostly happened. Meanwhile, a cyclical recovery may be starting, and Q3 estimates for Texas Instruments “appear unaggressive,” contends Bernstein. The company’s market share, while still under pressure, appears to have stabilized, adds the firm.

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