As previously reported, BofA Merrill Lynch analyst Vivek Arya downgraded Texas Instruments (TXN), Analog Devices (ADI) and Maxim Integrated (MXIM), all to Neutral from Buy, stating that despite their solid execution and attractive free cash flow yields he sees limited multiple expansion until global growth starts to recover. Arya, who also upgraded Intel (INTC) to Buy this morning, forecasts total semiconductor industry sales to decelerate in 2019 and still expects enterprise, data center and parts of networking infrastructure to perform better than cyclical sectors such as industrial, automotive and smartphones. In addition to cutting his estimates for all three downgraded stocks, he lowered his price target on TI shares to $105 from $117, cut his target on Analog Devices to $96 from $112 and trimmed his target on Maxim to $57 from $58.