#Shares of #Texas #Instruments (NASDAQ:#TXN) surged over 7% in after-hours #trading Tuesday after the semiconductor #company posted better-than-expected earnings and revenue for the fiscal Q1 2024.
The #chipmaker reported earnings per share (EPS) of $1.20, topping the consensus estimates of $1.07. Revenue for the quarter also beat projections, reaching $3.66 billion against a consensus estimate of $3.61 billion.
Looking ahead to the second quarter of 2024, Texas Instruments expects EPS to be between $1.05 and $1.25, compared to the analyst estimates of $1.16. The company expects revenue to fall between $3.65 billion and $3.95 billion, compared to market expectations of $3.77 billion.
Commenting on the report, analysts at Goldman Sachs said this is the first time in seven years that TXN has “guided out-quarter revenue above Street consensus, implying that the cyclical correction that had negatively impacted the broad-based Semiconductor industry since late-2022 might be coming to an end.”
“While there are reasons to be cautious on TXN on a relative basis within the context of the #Analog/#MCU space, in our view, we believe TI’s better-than-feared #outlook could reignite investor interest in a #group that underperformed the broader Semiconductor universe in 2023 and has also done so #YTD in 2024,” they wrote.
Goldman raised the target price on the stock from $137 to $157, but maintained a Sell rating amid an “unfavorable risk/reward #profile.”
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