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摩根士丹利稱，德州儀器第一季業績強勁，但長期風險仍存在。

-- 德州儀器 (TXN) 公佈了「非常強勁」的第一季業績，但摩根士丹利週四在一份報告中指出，持續的高額資本支出和估值擔憂令其長期前景保持謹慎。 管理層強調了公司業務的全面強勁，並指出目前沒有明顯的提前結束的跡象。不過，摩根士丹利表示，3月和6月季度的業績顯著高於季節性水平，這使得未來前景需謹慎，也為通常一年中業績最好的9月季度設定了較高的預期。 摩根士丹利補充道，鑑於預計2026年下半年業績將強於上半年，定價因素可能變得更加重要，且供應緊張可能為公司帶來股價上漲的機會，因此摩根士丹利對德州儀器2026年剩餘時間和2027年業績的預測將考慮季節性因素。 摩根士丹利表示，樂觀觀點認為，經過五年的高額資本支出，該公司將在2027年產生超過盈利的自由現金流，但財報電話會議上的評論表明，除非收入放緩，否則高額支出可能會持續到2027年。 “此外，鑑於現金回報對公司發展的重要性，我們預計收購[Silicon Laboratories (SLAB)]將導致德州儀器(Texas Instruments)的估值出現一定程度的負面調整。” 摩根士丹利將德州儀器的目標價從180美元上調至221美元，同時維持其「減持」評級。

Price: $275.64, Change: $+39.33, Percent Change: +16.64%

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