Texas Instruments price target lowered to $146 from $165 at Morgan Stanley

Morgan Stanley analyst Joseph Moore lowered the firm’s price target on Texas Instruments (TXN) to $146 from $165 and keeps an Underweight rating on the shares. As of February, analog is now in the seventh month of the upcycle, but the firm isn’t seeing a material recovery with analog only showing a 2 point improvement relative to an average of 13 points in prior cycles, says the analyst. Following a distributor survey, the firm says lead indicators “aren’t encouraging,” with quarter-over-quarter growth expectations into the June quarter remaining roughly flat from the March quarter and respondents generally expecting the June-end quarter to be either in-line or weaker than seasonal.