Semiconductor Stock Jumps on Beat-and-Raise

No less than seven analysts lifted their price objectives on TXN

Jake Scott

Deputy Editor

Apr 24, 2024 at 10:28 AM

Shares of semiconductor name Texas Instruments Incorporated (NASDAQ:TXN) are 6.8% higher at $176.65, following the firm's first-quarter financial report. The chipmaker reported earnings and revenue that bested analysts' expectations, and issued second-quarter outlook that hinted at strong demand.

No fewer than seven analysts lifted their price targets on TXN, the highest coming from Evercore ISI, which lifted its objective from $213 to $225 -- a 27.4% premium to current levels. There is room for more of upgrades, considering 17 of 26 covering brokerages rate Texas Instruments stock a "hold" or worse.

The options pits are brimming with activity today. Already, 9,800 calls and 15,000 puts have been exchanged, which is nine times the average intraday volume. Most popular by far is the May 150 put.

This preference for bearish bets is nothing new. Per TNX's 10-day put/call volume ratio of 1.76 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), this ratio stands in the 92nd percentile of its annual range. Echoing this, its Schaeffer's put/call open interest ratio (SOIR) of 1.06 is higher than 87% of readings from the past year.

Texas Instruments stock just gapped to a roughly nine-month high on the charts, though it is trading back below the $176 level that's acted as pressure on a closing basis for the entire year. The equity also just cleared recent resistance at its 80-day moving average, and sports a 4.2% year-over-year lead.

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