Research
Can Texas Instruments' $5.2B Guidance Lift Analog Peers Trading at 2023 Trough Multiples?
Texas Instruments' Q2 guidance of $5.2B (11% above consensus) confirms industrial demand recovery, but Analog Devices and ON Semiconductor trade at 18-19x forward—400-500bp below TXN—despite identical end-market exposure. Long ADI and ON over 90 days targets 5-8% outperformance as Q2 results validate the turn.