Bank of America raised its price target for Texas Instruments to $370 from $320, projecting its data-center business will reach about $4.5 billion by 2028 (18% of total sales) as 800-volt architecture ramps. Shares of Texas Instruments climbed nearly 5% in line with broader AI chip sector gains on Friday.
Bank of America identified Texas Instruments, Analog Devices and ON Semiconductor as top analog picks, highlighting a shift from inventory headwinds to cyclical tailwinds in industrial and automotive markets. The firm argued that AI data centers and the move to 800-volt architecture could drive content gains beyond current Street estimates.
The price target for Texas Instruments was raised to $370 from $320, with projections that its data-center business will reach approximately $4.5 billion by 2028, representing about 18% of total sales. Growth drivers include multi-phase voltage regulators and gallium nitride sockets entering production as part of the 800-volt transition.
Texas Instruments shares rose nearly 5% on Friday, outperforming the broader market alongside Qualcomm and AMD as investors reacted to optimism over AI power demand. The rally was fueled by hopes for progress in U.S.-Iran talks and a firm market tone boosting chip sector momentum.
