Mizuho analyst Vijay Rakesh downgraded Texas Instruments (NASDAQ: TXN) from Neutral to Underperform with a price target of $150.00 (from $200.00).

The analyst comments "TXN - "China for China" and "Anti-Dumping Tariffs" Create Headwinds. We have previously noted that China's "China for China" policy is a market share headwind for key analog suppliers. Rising US-China tensions could bring "anti-dumping tariffs" on some US suppliers (Link). We believe TXN could lose 3-5ppts of share over the next 2-3 years, as domestic analog and some EU/JP suppliers gain. TXN generates ~$1B/qtr in China revenue(~25% mix), which could see slower growth. TXN valuation is high, with potential Auto and China Headwinds - Downgrade to Underperform. TXN trades at a premium ~26x, vs. 5Y range of 14-31x P/E, while topline growth may be limited by autos pullbacks and China headwinds. On the flip side, lower 2026 Capex could lift FCF and margins. Downgrading TXN to Underperform, lowering estimates 5-7% below consensus and PT to $150 from $200 with limited near-term catalysts."

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Shares of Texas Instruments closed at $176.58 yesterday.