KeyBanc analyst John Vinh raised the firm’s price target on Texas Instruments to $200 from $180 and keeps an Overweight rating on the shares. The firm notes Texas Instruments posted Q4 results that were slightly below expectations and guided Q1 lower. Results reflect weakening industrial, which declined about 15% quarter-over-quarter, and slightly weaker auto, which declined about 5% quarter-over-quarter. Implied Q1 gross margin of 55.7% also missed due to lower revenues, higher depreciation, as incremental 300mm capacity ramps and lower fab utilization.
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