Texas Instruments (TXN) PT Lowered to $198 at Truist Securities

Truist Securities analyst William Stein lowered the price target on Texas Instruments (NASDAQ: TXN) to $198.00 (from $203.00) while maintaining a Hold rating.

The analyst commented: "TXN's capital update call reveals flexibility in spend, but not until 2H26. TXN hosted an off-cycle capital management update call today. We see the main reason for the call as to (1) demonstrate why the company has limited flexibility to spend less than $5B/yr on capex through 1H26 (operational dependencies), and (2) reveal that the company will have flexibility starting in 2H26 to spend significantly less, if demand conditions are not robust. We adjust our sales growth & GPM est's, aligning w/ guidance. Our CY25 EPS goes to $6.40 (from $6.55). PT goes to $198 (from $203) based on ~31x (10x premium to S&P)."

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