Baird analyst Tristan Gerra lowered the firm’s price target on Texas Instruments to $125 from $130 and keeps a Neutral rating on the shares. The firm said the analog downcycle is now in full swing, characterized by normalizing lead times and the beginning of pricing pressures. While under-utilization charges may bring supply/demand back to normal earlier than in prior down cycles, Baird expects pricing pressures to intensify.
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