Truist analyst William Stein lowered the firm’s price target on Texas Instruments to $150 from $165 and keeps a Hold rating on the shares. The firm had expected the company’s Q4 outlook to reflect the early stages of a recovery, but its actual guidance went the other way, suggesting yet another quarter of mid-teens y/y sales declines, the analyst tells investors in a research note. Texas Instruments management also highlighted a broadening of industrial end market weakness, and the firm is cutting its FY23 EPS view by 20c to $7.05 and its FY24 view by 68c to $6.65, Truist added.
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