德州仪器财报超预期并上调指引，但属隔夜已定价事件，华尔街次日点评无新增交易事实

Texas Instruments ( TXN ) was in the spotlight on Thursday as Wall Street weighed in on the analog semiconductor company's results and guidance , which were better-than expected. Shares fell 0.5% in premarket trading, erasing earlier gains. Morgan Stanley analyst Joseph Moore raised his price target on TI to $278 from $255 and said he was positively surprised by the rise in gross margins. However, the recovery in the broader analog portion of the market still feels “early” to him. “The combination of a cyclical recovery and secular growth could create a more meaningful shortage environment, though we're not seeing the widespread urgency of 2021/2022 just yet, and TI is still hovering near 200 days of inventory (194 DOI),” Moore wrote in a note to clients. “Pricing has also contributed only modestly in 2H26, but could become a bigger factor as annual negotiations for 2027 play out.” Moore reiterated his Underweight rating on Texas Instruments, due in part to the sharp run in the stock this year, though he also acknowledged the potential benefits of the company's capacity strategy as supply tightens. “TI's ability to add tools and ramp production could support share gains, but that also means more investment, and it's unclear how much of the upside ultimately flows through to FCF,” Moore added. “CY26 CapEx remains biased toward the high end of $2-$3bn, and while mgmt punted CY27 guidance to the February capital mgmt update, our sense is that spending could remain at similar levels next year. We continue to prefer Analog Devices ( ADI ) given its less capital-intensive model and higher ROIC, but recognize that TI's strategy could prove to have a window where they can drive upside in a stronger cycle.” Jefferies analyst Blayne Curtis was a bit more positive and focused on the fact that the company's industrial segment is back at its peak with “plenty left in the tank.” “The upcycle has more legs as TXN looks positioned to keep growing well into C27. Industrial just reclaimed its 2022 peak, yet over half the business is still below prior highs, leaving plenty of recovery ahead. DC should keep scaling with hyperscaler capex and share gains on top as application-specific parts ramp next year. Add lean Auto inventories and C27 pricing negotiations, and the setup into next year looks constructive.” Curtis raised his price target to $300 from $260 and kept his Hold rating on the stock. J.P. Morgan analyst Harlan Sur also upped his price target on Texas Instruments ($365 from $340), as he too said the cycle still has “room to run.” “TXN delivered a decisive beat-and-raise, with Sep-Qtr results and Dec-Qtr guidance both landing well ahead of consensus expectations, underpinned by a broadening and acceleration of demand across all three of its key end markets (Industrial, Auto, and DC growing simultaneously), pricing turning into a modest tailwind, and a growing capacity advantage vs. a tightening analog supply backdrop—the drivers that we think will ultimately dictate TXN’s multi-year revenue, margin, and FCF trajectory from here,” Sur wrote in a note to clients.