Texas Instruments gains; Citi upgrades on margin rebound expectations
21/08/2024 13:50
** Shares of chipmaker Texas Instruments TXN.O rise 1.4%
to $205.35 premarket
** Citi upgrades to "buy" from "neutral", says "margins are
bottoming and should rebound back to the previous peak, which
would result in 100% EPS growth"
** "The stock story is now a bit less about capex following
the session, and more about growth" - brokerage Bernstein
** TXN said on Tuesday free cash flow would jump in 2026 as
demand rebounds and it tightens capital spending after pressure
from activist investor Elliott Investment Management
** Up to last close, stock had risen ~19% so far this year
(Reporting by Akash Sriram in Bengaluru)
((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))