Street View: Texas Instruments inching to recovery but brokerages remain on the sidelines
** Texas Instruments TXN.O beat third-quarter profit estimates on Tuesday, helped by a recovery in orders for its analog chips across segments and improving demand from China's automotive market
** Stock up 3.88% to $201.5 pre-market
INDUSTRIAL RECOVERY IN FOCUS
** Jefferies ("hold"; PT: $185) remains on the sidelines, citing co's long term rev underperformance, gross margin and higher valuation among auto-levered names
** Bernstein ("underperform"; PT: $140) is hesitant to build a bull case for TXN based on Chinese EV market, saying it's not that big and growth may not be sustainable; sees substantial reset to top line and gross margins
** J.P. Morgan ("overweight"; PT: $230) says outlook reflects improving cyclical trends but at a slower pace; sees a more synchronised recovery across markets through H1 of next year and for TXN to drive above-seasonal revenue growth in 2025
** Oppenheimer ("perform") sees co positioned for long-term analog competitiveness as industrial and auto markets recover but it remains on the sidelines as underutilization, depreciation and pricing, pressure gross margins and free cash flow over near and medium-term
Reporting by Gokul Pisharody in Bengaluru
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