TI Benefits from Powerful Secular Trends
We expect TI to be a major long term beneficiary from the ongoing penetration of electronic content across large global industrial and automotive markets for years to come. The strategic shift of focus to these areas supports a robust double-digit EPS/FCF growth profile, and against this backdrop a premium valuation is fully warranted. We initiate coverage with an Overweight rating and CY18 y/e PT of $130 (~19.5x CY19E EPS, market-relative PE ~120%), viewing TI as an attractive long term investment.Texas Instruments designs and makes semiconductors that it sells to electronics designers and manufacturers. The company has two reportable segments: Analog and Embedded Processing. The company's analog semiconductors change signals, such as sound, temperature, pressure or images to a stream of digital data. The company's analog segment primary product lines includes: power, signal chain, and high volume. The company's embedded processors are designed to handle specific tasks and can be optimized for various combinations of performance, power and cost, depending on the application. The company's embedded processing segment primary product lines includes: connected microcontrollers and processors.
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