Core Viewpoint - Goldman Sachs downgraded Texas Instruments from Buy to Sell and reduced the 12-month price target from $200 to $156 due to concerns regarding the company's strategic capacity decisions and capital spending [1]. Company Summary - Texas Instruments is the world's largest analog semiconductor supplier, holding approximately 26% of the global market share as of 2024, and has historically been a bellwether for the analog semiconductor industry [2]. - The company is expected to face challenges in margins and earnings recovery due to its current approach to capacity expansion and capital allocation, which may limit its performance relative to peers [2]. Industry Summary - Goldman Sachs maintains a positive outlook for an analog recovery in 2026, but company-specific factors for Texas Instruments are anticipated to act as a drag, limiting upside potential even as the broader analog sector improves [2]. - The revised price target for Texas Instruments implies about a 13% downside from current levels, contrasting with over 40% upside potential across the median analog stock in Goldman's coverage universe [3].