Jefferies analyst Mark Lipacis raised his price target on Microchip (MCHP) shares to $127 from $119 after the company increased its Q4 outlook for the second time in a month, noting that its CEO said that channel inventories are near historical lows, setting the table for channel restocking in 2020. He also raised his price target on NXP Semiconductors (NXPI) after having met with a dozen companies at CES. NXP's booth had auto and retail demos where processing like image or facial recognition occurred at the edge while it also demonstrated UWB capability, said Lipacis, who updated his model to include Connectivity revenues from its recently closed WiFi acquisition from Marvell (MRVL). He keeps Buy ratings on both Microchip and NXP shares.

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.

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