Texas Instruments Inc (NASDAQ:TXN) stock gained after Wall Street analysts raised their price targets on the stock after an upbeat quarter.
• Texas Instruments shares are powering higher. What’s behind TXN gains?
Q4 Results Come In Slightly Light, Revenue Still Rises
Texas Instruments delivered fourth-quarter results that came in just under expectations but eased investor concerns with an outlook that signaled steadying demand.
The company generated $4.42 billion in revenue and $1.27 in earnings per share, falling slightly short of analyst forecasts of $4.44 billion and $1.30 per share.
Despite the miss, revenue climbed 10% from a year earlier.
Guidance Helps Calm Demand Concerns
Looking ahead, Texas Instruments projected first-quarter revenue of $4.32 billion to $4.68 billion and earnings of $1.22 to $1.48 per share, compared with consensus estimates of $4.42 billion in revenue and $1.26 per share in earnings.
Cantor Fitzgerald analyst Matthew Prisco maintained Texas Instruments with a Neutral and raised the price target from $190 to $225.
Benchmark analyst Cody Acree reiterated Texas Instruments with a Buy and raised the price target from $220 to $250.
Rosenblatt analyst Kevin Cassidy maintained Texas Instruments with a Buy and raised the price target from $200 to $240.
Analysts Point To Better Momentum In Industrial and Data Center
Cantor Fitzgerald: Prisco said Texas Instruments delivered a much stronger-than-expected quarter, highlighted by its first forecast for positive sequential first-quarter growth since 2010 and better-than-anticipated gross margin trends, even though margins are still expected to dip slightly quarter over quarter …