Jul. 14 at 12:57 PM
Texas Instruments shares rose in premarket trading after KeyBanc raised its price target to
$390 from
$325 while reiterating an Overweight rating, marking one of the most bullish target increases on Wall Street ahead of the company's July 22 second-quarter earnings report. Analysts expect EPS of about
$1.90, up nearly 35% year over year, on revenue of roughly
$5.22 billion. KeyBanc's optimism was reinforced by Citi, which maintained its Buy rating and
$345 price target, citing recent price increases and resilient underlying demand.
The bullish analyst revisions follow a nearly 4.7% decline in TXN shares over the past month, which some see as an attractive entry point before earnings. Investor confidence has also been supported by the company's strong first-quarter performance, with revenue rising 19% year over year to
$4.83 billion, including more than 30% growth in industrial markets and 90% growth in data center-related business.
$TXN