Texas Instruments price target lowered to $160 from $175 at BofA

BofA lowered the firm’s price target on Texas Instruments to $160 from $175 and keeps a Neutral rating on the shares. Mounting macro headwinds, especially in industrial, along with the company continuing to press on its longer-term capex plan, reduced free cash margins to “a 17-year low of just 9%,” versus a target of 25-35% of sales, the analyst tells investors. Overall. BofA expects weak demand to persist in the first half of 2024 and lowers its calendar 2024 sales growth estimate to flat year-over-year from 7% growth previously forecast.