Texas Instruments downgraded to Underperform at BofA on macro headwinds

As previously reported, BofA downgraded Texas Instruments (TXN) to Underperform from Neutral with a price target of $190, down from $208. While the firm appreciates the “high quality” of TI’s assets and its execution consistency, it believes the turmoil caused by global tariffs could keep the lid on any near- to medium-term demand improvement in the industrial economy. The firm, which lowers FY26 and FY27 EPS estimates by 3% each, notes that its new estimates are 8% and 13% below consensus, respectively.