Texas Instruments (TXN) PT Raised to $175 at Baird

Baird analyst Tristan Gerra raised the price target on Texas Instruments (NASDAQ: TXN) to $175.00 (from $125.00) while maintaining a Neutral rating.

The analyst commented: "Is pricing a risk as balance sheet inventories industrywide are at record levels? Not just yet, but the buffers are likely gone and any unexpected/incremental softening in demand would likely trigger price cuts given the current environment of low lead times and excess capacity, in our view. For now, 2Q revenue guidance reflects normal seasonality and some stabilization in end-demand. Shape of 2H recovery will be critical in addressing inventory levels. Valuation remains rich. Neutral-rated."

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