Citi analyst Christopher Danely says he could not disagree more with the worsening investor sentiment on Semiconductors. Recent channel checks indicate business conditions for most of the semiconductor sector are the best in years, particularly in the PC end market, Danely tells investors in a research note. He tells investors to "back up the minivan" and buy the stocks. The analyst favors Microchip (MCHP), Texas Instruments (TXN), ON Semiconductor (ON) and Micron (MU).

Baird raised the firm's price target on Texas Instruments to $175 from $125 and keeps a Neutral rating on the shares. The firm said any unexpected/incremental softening in demand would likely trigger price cuts given the current environment of low lead times and excess capacity, and the shape of 2H recovery will be critical in addressing inventory levels.

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TD Cowen analyst Joshua Buchalter raised the firm's price target on Texas Instruments to $175 from $160 and keeps a Hold rating on the shares. The firm said the print wasn't great but an important improvement and positive indicator on stability for the group. That said, numbers still need to move meaningfully higher to build medium-term valuation support or material buyback growth.

BofA raised the firm's price target on Texas Instruments (TXN) to $190 from $175 and keeps a Neutral rating on the shares. TI's small Q1 beat and inline but sequentially rising Q2 sales guidance, "while modest, potentially marks a recovery inflection in industrial chip demand," with positive read-across for U.S. peers such as Analog Devices (ADI), Microchip (MCHP), NXP Semiconductors (NXPI) and On Semiconductor (ON), the analyst tells investors. However, despite an expected recovery, TI's sustained high capex intensity could keep reported calendar year 2024-26 pro-forma EPS below $6 per share, the analyst added.