Street View: Texas Instruments not out of the woods yet

Texas Instruments TXN.O forecast second-quarter revenue above Wall Street estimates on Wednesday, betting on robust demand for its analog chips even as the threat of U.S. tariffs has stoked uncertainty across the semiconductor industry

TXN shares up 3.6% at $157.62 in premarket trade

WAIT-AND-WATCH GAME ON TARIFF IMPACT

J.P.Morgan ("overweight," PT: $195) expects tariff and trade-related issues to weaken the outlook for TI in the second half of the year, resulting in negative earnings revisions

"We are coming off a semiconductor down-cycle and customer inventory levels remain low, which may mitigate the magnitude of the downside risks compared to previous cycles" - JPM

Morgan Stanley ("underweight," PT: $148) says TXN has likely bottomed for the cycle among other analog stocks as long as the demand impairment led by tariff uncertainty remains mild

Jefferies ("hold," PT: $155) sees potential tariff impact outweighing cyclical tailwinds in H2 and expects muted recovery in revenue

TD Cowen ("hold," PT: $160) says demand, revenue and margins are all "trending in the right direction"; notes Q2 revenue outlook will be met with skepticism in a potentially weakening macro backdrop