On July 29, Texas Instruments rose 3.13% in pre-market trading, trading at approximately $286.57/share, with turnover of $1.7429 million. The stock rebounded after several consecutive sessions of profit-taking following its Q2 earnings release.
On the news front, Texas Instruments reported Q2 results on July 22 that significantly beat market expectations, with revenue of $5.46 billion representing a 23% year-over-year increase and EPS of $2.14 representing a 52% year-over-year gain, both well above consensus estimates of $5.24 billion and $1.92 respectively. Management noted broad-based demand strength across end markets, with automotive business accelerating during the quarter. The company also indicated it has begun implementing product price increases expected to take effect in Q3 and Q4.
Following the results, multiple institutions raised their target prices: JPMorgan to $340, UBS to $380, Rosenblatt to $350, KeyBanc to $390, and Evercore ISI to $330. Morgan Stanley noted the broadening recovery appears more durable than last year. Despite the stock having already rallied over 70% year-to-date prior to earnings, the wave of analyst upgrades appears to have provided a floor for the post-earnings pullback.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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