Stifel analyst Tore Svanberg lowered the price target on Texas Instruments (NASDAQ: TXN) to $170.00 (from $185.00) while maintaining a Hold rating.

The analyst comments "• TXN printed a 3Q25 revenue beat, with sales of $4.74bn (+2.5% vs. our $4.63bn estimate), representing a 6.6% q/q increase as management noted the cyclical recovery continues to be underway, albeit at a slower pace than prior cycles. • Lower 4Q25E guide, with revenue midpoint of $4.40bn (-7.2% q/q) coming in -2.9% lower than our prior $4.53bn estimate (Street was at $4.51bn), which we note was in-line with our earnings preview. • Investment conclusion: Although GMs remain pressured exiting CY25E (detailed below), we nevertheless note that TXN’s FCF generation in CY25E YTD has exhibited a solid growth trajectory, with further upside potential, in our view, as the company continues to work through its capital management plan. On balance, however, we maintain our Hold rating, with updated 12-month price target of $170 (from $185), representing a 30.0x CY26E P/E multiple."