Texas Instruments price target lowered to $168 from $169 at Truist

Truist lowered the firm’s price target on Texas Instruments to $168 from $169 and keeps a Hold rating on the shares after its Q4 results and below-consensus Q1 guidance. The company’s reset is “a little bigger than expected but not a shocker”, the analyst tells investors in a research note. The guidance disappointed on further weakness in industrial and now in autos, so Texas Instruments’ growth goes lower and likely troughs in Q1 of 2024, the firm states, adding however that the cycle dynamics remain “clearly out-of-phase and not worth over-reading”. Truist adds however that it believes that the company’s management approach is aimed more at maintaining high margins and minimizing risks, and aimed less at growth.