TD Cowen lowered the firm’s price target on Texas Instruments to $145 from $160 and keeps a Market Perform rating on the shares. The firm said the material miss is ugly despite no real change to its strategy of leaning into capacity investment for the next upturn. TD Cowen said with growing depreciation expenses for the foreseeable future, and now also pressure from underutilization charges, the company needs demand to rebound before seeing a reversal in both GMs and FCF.
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