TI Reports Solid 4Q Results but Expectations Remain Frothy; Raising FVE to $97 but Still Overvalued
Texas Instruments reported solid fourth-quarter earnings and provided investors with a first-quarter outlook that points at a modest deceleration in revenue growth after several strong quarters, but was still within the range of our expectations. We will raise our fair value estimate for wide-moat TI to $97 from $86 due to the time value of money as we roll our valuation model, as well as an ongoing long-term tax rate (due to U.S. tax law changes) that will be in the 18% range versus our prior e...
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