Morgan Stanley analyst Joseph Moore lowered the firm’s price target on Texas Instruments (TXN) to $197 from $205 and keeps an Underweight rating on the shares. The June quarter was stronger-than-expected on industrial, personal electronics, and communication infrastructure strength, but guidance for 4% growth is “seasonal at best” as the company followed up a better than seasonal June quarter with weaker September quarter guidance for the second year in a row, the analyst tells investors. TI characterized the automotive business as having not yet started to recover and the stock’s valuation “leaves no room for error,” the analyst added.
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