Evercore ISI sees few surprises as TI outlines plans to support growth

Evercore ISI notes that Texas Instruments hosted its annual Capital Management update call, with very few surprises — with both bulls and bears likely encouraged. The firm further notes that there was no change to overall strategy, but sees as positive that management now expects its long-term growth CAGR to be closer to 10% led by Auto/Industrial. To support this growth, management raised its "gross Capex" outlook, though when including the benefit of the ITC, the increase is only $250M per annum, the firm says. Overall, Evercore ISI believes Texas Instruments remains one of the highest quality companies in Semis with clear path for growth. The firm has an In Line rating on the shares with a price target of $190.