Rosenblatt analyst Jun Zhang believes there may be some upside for the smartphone supply chain during Q2 despite conservative guidance from many component providers given the early ramp of production for a new iPhone from Apple (AAPL) at the beginning of August. He also believes Chinese OEMs recently increased their component orders as previous forecasts were too pessimistic and sell through of new smartphone models is getting slightly better. Publicly traded semiconductor makers include Intel (INTC), Marvell (MRVL), Microchip (MCHP), Micron (MU), Nvidia (NVDA), Qualcomm (QCOM) and Texas Instruments (TXN).

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.

Apple saw sales of its iPhones fall 19.1% in the first three months of the year, CNBC's Ryan Browne reports, citing data from Counterpoint Research. Meanwhile, Huawei saw a 69.7% surge in smartphone sales in the country during the same period, Counterpoint said. Reference Link