Wells Fargo analyst Joe Quatrochi lowered the firm’s price target on Texas Instruments (TXN) to $200 from $208 and keeps an Equal Weight rating on the shares. The firm struggles to view Q4 results and Q1 guidance as a potential clearing event as demand data points suggest a potential further slowing into the first quarter of 2025, the analyst tells investors in a research note. Based on the firm’s depreciation waterfall analysis, Wells estimates that the CHIPS Act direct grants could benefit depreciation expense by $30M-$40M in 2024 and $110M-$120M in 2026.
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