Truist Securities raised its price objective on Texas Instruments (NASDAQ:TXN) to $225.00 from $195.00 on Wednesday, but kept a Hold rating on the semiconductor manufacturer. The upgraded target arrives as TXN is trading close to its 52-week high of $221.69, with the stock up 13.34% year-to-date.
The firm said the price-target increase followed Texas Instruments’ fourth-quarter results, which Truist described as "~inline" with expectations. Management’s guidance for the first quarter came in at roughly 2% above consensus estimates and follows 13.05% revenue growth for the trailing twelve months, according to Truist’s note.
Truist drew attention to the company’s projection of quarter-over-quarter growth in the first quarter - an outcome the firm noted would occur for the first time in roughly 15 years. At the same time, Truist added context that Texas Instruments has delivered sequential growth in about half of the last 15 first-quarter periods, tempering the novelty of the development.
According to Truist, the company’s guidance sits 3-4% above normal seasonal patterns, a level the firm characterized as "good" and consistent with the fourth-quarter feedback Truist received from industry contacts. The firm framed this as "better than stabilization but not an inflection," signaling an improvement in momentum without treating the guidance as proof of a durable turnaround.
On longer-term estimates, Truist raised its calendar year 2027 earnings-per-share forecast for Texas Instruments to $7.50 from $7.06. The bank said its new $225 price target is based on a 30x multiple, which it described as representing a 3x discount to what it called "now-elevated peers."
Analyst actions at other firms following Texas Instruments’ earnings and guidance were broadly upward. TD Cowen boosted its price target to $240, citing the company’s first-quarter 2026 guidance that topped market expectations and pointed to an approximate gross margin of 57%.
KeyBanc also raised its target to $240, attributing the move to Texas Instruments’ in-line fourth-quarter results and strong demand in the data center and industrial sectors. Cantor Fitzgerald set a new target of $225, highlighting the company’s unexpectedly positive quarterly results and noting the first guidance for sequential growth in the first quarter since 2010.
Benchmark, which maintained a Buy rating, upped its target to $250 after Texas Instruments’ December quarter results met expectations and its March quarter guidance exceeded analyst projections. Baird increased its target to $225, calling the first-quarter outlook "above-seasonal, unit-driven" and surprising to investors.
These analyst moves illustrate a convergence of opinion around Texas Instruments’ recent results and the firmness of its near-term guidance, even as several firms stop short of declaring a full structural inflection. Truist’s retention of a Hold rating alongside a higher price target underscores that tension - a recognition of improved near-term dynamics while maintaining a cautious stance on valuation and longer-term trajectory.