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logoArgusOctober 21, 2020

Texas Instruments Incorporated: Positive top-line comp on auto recovery; raising price target to $175

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Dallas-based Texas Instruments is a global, vertically integrated producer of analog and embedded processing semiconductors. It serves key end markets including industrial, automotive, and communications infrastructure. Recent acquisitions and divestitures have increased the focus on nontraditional end markets while lessening the company's exposure to computing, mobile communications, and consumer electronics. The September 2011 acquisition of National Semiconductor (now Silicon Valley Analog) significantly increased exposure to industrial, automotive, aerospace-defense, instrumentation, and other high-value-added and long-cycle markets. The company is exiting consumer-device apps processing and connectivity and is completing its exit from the DSP baseband business.

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Analyst Profile

James Kelleher, CFA

Director of Research & Senior Analyst Technology
Jim has worked in the financial services industry for over 25 years and joined Argus in 1993. He is director of research at Argus and a member of the Investment Policy Committee. Jim has been instrumental in building Argus' proprietary valuation models, which are a key part of the proprietary Argus Six-Point Rating System. He also oversees Argus' technical analysis products; writes the Portfolio Selector report and other publications; and manages several Argus model portfolios. As a Senior Analyst, Jim covers Communications Equipment, Semiconductors, Information Processing and Electronic Manufacturing Services companies. he is a CFA charter-holder, and is a three-time winner in The Wall Street Journal's "Best on the Street" All-Star Analyst Survey. In July 2010, McGraw-Hill Professional published Jim's book, "Equity Valuation for Analysts & Investors." The book, a single-volume treatment of financial modeling and valuation process, introduces the Argus proprietary valuation methodology known as Peer Derived Value.