- Drexel Hamilton raises its Texas Instruments (TXN -6.7%) price target by $20 to $130.
- Firm believes yesterday’s earnings report was positive with broadly healthy demand, normal seasonality, and no signs of channel or inventory concerns.
- B. Riley raises its TXN target from $97 to $110 and expects strong CY18 y/y Analog growth.
- In the sector, B. Riley prefers Microchip Technology (MCHP -2.7%) (Buy, $123 price target) and ON Semiconductor (ON -1.5%) (Buy, $25 price target).
- Mizuho raises its target from $96 to $107, calling lower taxes a big tailwind for 2018-19.
- The firm stays on the sidelines due to shares trading at 25x FY18E P/E but notes that TXN’s strong auto and industrial business showings should be positive for Cypress Semi (CY -3.2%), On Semiconductor, and Autoliv (ALV +0.5%).
- Source: Briefing.com.
- Previously: Texas Instruments -5.4% after Q4 results, in-line guidance (Jan. 23)
- Now read: Semiconductor Stock Risks & Returns: An Understanding Today
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