Texas Instruments (TXN) PT Lowered to $200 at Mizuho

Mizuho analyst Vijay Rakesh lowered the price target on Texas Instruments (NASDAQ: TXN) to $200.00 (from $205.00) while maintaining a Neutral rating.

The analyst commented: "TXN reported a solid JunQ top line in line with consensus at $4.45B, and guided SepQ up 4% q/q to $4.63B, slightly ahead of cons. of $4.57B with JunQ trends continuing into the SepQ. Key takeaways: 1) JunQ Autos/Industrial down LSD% (vs. LVP up 2%)/up MDD% q/q, as a broad-based recovery across all industrial sectors, as well as strength in PE/enterprise/comms, offset some auto headwinds. China was up 19% q/q, but China Autos underperformed, 2) TXN noted end-customer inventory much better ex-auto, 3) we believe 2Q25E Analog pricing was flattish q/q, with 3Q25E estimated up 5% (Link), 4) Inventory up 3% q/q, and 5) no change to 2025/26E capex guide of ~$5B/$2-5B. Maintain Neutral, raise estimates and PT to $200 (prior: $205). TXN is currently trading at a 30.8x C26E P/E, ~25% above its peer group average due to leadership in key auto/industrial end markets."

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