As previously reported, Goldman Sachs analyst Toshiya Hari upgraded Texas Instruments (TXN) to Neutral from Sell, stating that while he remains guarded on the overall Analog cycle, the stock has proven in the past to be more defensive during industry downturns. While noting that Texas Instruments has historically outperformed Analog Devices (ADI) and Maxim Integrated (MXIM) during periods of decelerating analog industry revenue growth, Hari also this morning downgraded both of the latter two stocks to Sell. Hari also lowered his calendar 2019 and 2020 revenue estimates for TI by 8% and 10%, respectively, and cut his price target on the shares to $94 from $107.