Benchmark raised the firm’s price target on Texas Instruments (TXN) to $220 from $200 and keeps a Buy rating on the shares. TI posted “a solid June quarter,” but gave somewhat lighter than expected earnings guidance for September as the Q2 upside was at least partially driven by pull-in orders, the analyst tells investors. However, the firm noted that even though TI’s guidance calls for a growth deceleration, the outlook mid-point is still $40M ahead of the Street consensus and it views the company as still well positioned for an industry recovery.
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