Texas Instruments (TXN) PT Raised to $125 at RBC Capital

RBC Capital raised its price target on Texas Instruments (NASDAQ: TXN) to $125.00 (from $122.00) while maintaining an Outperform rating following solid results and guidance.

Analyst Amit Daryanani commented, "TXN reported an impressive quarter with rev/EPS upside in Mar-qtr and guided Jun-qtr ahead of Street. Revenue strength was driven by automotive (all sectors were up y/y) and industrial (broad-based strength) markets, and Personal Electronics also saw y/y growth. However, Comms continued to be choppy and was down y/y. On the inventory front, DOI was up 2 days q/q and 4 days y/y, and absolute inventory dollars increased 3.8% q/q, largely inline/slightly below 3-year seasonality of 4.4%. TXN continues to believe the macro environment is constructive. Furthermore, at this point, the company doesn't see indication of double ordering, and cancellation and reschedule remain at a low level."

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