Texas Instruments (TXN) Reports Mixed Results, Oppenheimer Reiterates Outperform

Oppenheimer analyst Rick Schafer reiterated an Outperform rating and $220.00 price target on Texas Instruments (NASDAQ: TXN) after the company reported mixed results on 3Q/4Q with sales of $4.64B/$4.4B falling shy of Street Consensus of $4.66B/$4.45B. EPS for 3Q/4Q of $2.07/$1.95 was inline with consensus of $2.05E/$1.95E on better mix/volume.

The analyst stated "Demand remains broadly solid and supply tight. Order patterns for expedites have become much more selective by product/end market vs broadbased expedites seen just 90 days ago. We attribute this to both direct and indirect factors, though we think customers have stocked up available components and are now focusing only on specific bottleneck products to complete match sets (highlighted by INTC/AMD as well). TXN continues to expand internal 300mm wafer fabs, ramping up capacity in 2H22 at RFAB2 and 2H23 at LFAB. With ramp in capacity and equipment adds, we believe margins may be peaking near term. Longer term, TXN is positioned to support growth in diverse auto/industrial."

For an analyst ratings summary and ratings history on Texas Instruments click here. For more ratings news on Texas Instruments click here.

Shares of Texas Instruments closed at $196.98 yesterday.

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