Wall Street analysts were underwhelmed by the latest quarterly report from Texas Instruments . The company on Tuesday evening reported earnings per share of $1.48, underperforming LSEG’s polling prediction of $1.49. Texas Instruments’ fourth quarter guidance also left much to be desired. The company sees earnings per share ranging between $1.13 and $1.39 for the current period. Analysts expected a forecast around $1.41 per share. The results sent Texas Instrument shares down 6.5% on Wednesday, on pace for its worst day since July 23, when it plunged 13%. Following the report, several analysts cut their price targets on the stock anticipating limited returns or declines moving forward. Some held positive outlooks despite the weak report. Here’s what analysts at some of Wall Street’s biggest firms had to say. Bernstein cuts price target, reiterates underperform rating Bernstein’s new price target of $160 implies a 12% fall from Tuesday’s close. “While recovery is clearly in progress, the pace does seem disappointing (at least relative to expectations that the company themselves is admittedly guilty of setting), and the credibility of TXN’s management team has taken a hit in recent quarters. We continue to believe Street estimates (currently sitting well into the mid $6’s for next year) are too high, and it seems more and more likely the company is going to come in well below their 2026 ‘scenario range’ (with implications for both revenues and margins); we anticipate those numbers over time coming down closer to our model (in the mid to high $5s) with potential for multiple compression as well.” Citi reiterates buy rating, viewing TI’s withdrawal as a ‘buying opportunity’ With a price target of $235, Citi forecasts a 29% increase. “Yesterday after the close, TXN reported mixed results and guided below Consensus as utilization rates and gross margins were sharply lowered due to a slower than expected recovery. TXN stock is trading down on the lower gross margin guidance as we wrote about our preview. However, we view the pullback as a buying opportunity as the analog upturn should still happen driven by low inventory, depressed margins and improving demand. We lower estimates but reiterate our Buy-rating on TXN.” Morgan Stanley affirms underweight rating, cuts price objective to $175 from $192 Morgan Stanley price target is 3% below Tuesday’s close. “We have mixed views on the bull case that TI’s aggressive investment in US capacity positions them to uniquely manage tariff risk; we are seeing minimal impact from section 232 tariffs, but retributive tariffs are likely on the horizon. In our view, a US centric solution to a global problem is not ideal.” JPM lowers price objective to $210 from $225 JPM’s lowered price objective still suggests a 16% upside. “Notably, Auto revenues were strong at up 10% Q/Q (up 7-9% Y/Y) with growth across all regions. For the Dec-Qtr outlook, the company guided for a 7% Q/Q revenue decline, in-line with typical (10-year historical) seasonal trends though consensus was expecting more above-seasonal trends. This would mark the second consecutive quarter of deceleration in year-over-year growth, which is atypical at the early stages of a cyclical recovery—disappointing but not unexpected. We believe this conservative guidance reflects ongoing macro uncertainty and aligns with the company’s intra-quarter commentary. Evercore adds to Tactical Outperform List “We recommend buying TXN shares which are 9% lower AH following a seasonal DecQ Revs guide resulting in EPS 11% below Street estimates. We believe TXN has the following catalysts: 1) Conservative DecQ outlook, as TXN beat its revenue outlook by 1%-to-4% (avg 3%) over the past 6 quarters, 2) GM bottoming in 1Q26, and then expanding by 250bps and 450bps by EoY ’26 and ’27, 3) FCF/share growth story: we model its FCF/shr increases from $3 in 2025, to $7 in 2026, $9 in 2027 and $11 in 2028 as the company exits a CapEx cycle.”
