Texas Instruments Inc. (TXN): Strong results and guidance suggests continued momentum in the analog recovery

研报英文原文证据摘录

Texas Instruments Inc. (TXN): Strong results and guidance suggests continued momentum in the analog recovery

Equity Research

22 July 2026 | 9:16PM EDT

Texas Instruments Inc. (TXN): Strong results and guidance suggests

continued momentum in the analog recovery

Key stock takeaways: We expect the stock to be range bound following a quarter James Schneider, Ph.D.

+1(212)357-2929 |

and guidance that came in above the Street. We believe expectations were jim.schneider@gs.com

Goldman Sachs & Co. LLC

somewhat elevated given management’s intra-quarter commentary on a

Khalil Fenina

fundamental recovery and the stock’s outperformance over the past quarter, and +1(212)357-6392 |

based on our conversations we believe results were consistent with these khalil.fenina@gs.comGoldman Sachs & Co. LLC

expectations. We see the strong recovery in the industrial end market, as well as the Anmol Makkar

beginning of broadening automotive demand improvement, as a particularly +1(212)357-1366anmol.makkar@gs.com|

encouraging read-across for the sector. Although we continue to see a recovery Goldman Sachs & Co. LLC

Youacross the analog sector (including for TI), we believe peers have managed their Luya +1(212)902-5297 | luya.you@gs.com

inventory levels more proactively — and hence we believe gross margins are likely to Goldman Sachs & Co. LLC

recover faster for peers (along with significant upward earnings revisions) than for TI.

We continue to have a preference for peers (including Microchip and NXP) who are

likely to see greater upward earnings revisions in the near term, and we retain our

relative Sell rating on TXN given the ongoing gross margin headwinds we expect in

the coming quarters.

Read-through to our coverage: We expect a positive initial reaction for the analog