Analyst Note
| Brian Colello |We will maintain our $168 fair value estimate for wide-moat Texas Instruments as it hosted its annual capital management call with investors. The key takeaway was the firm's plans to boost its capital expenditures even higher than previously anticipated, to levels of $5 billion per year through 2026 (and 10%-15% of revenue in 2027 and beyond), as compared with prior guidance of $3.5 billion through 2025 and 10% of revenue in 2026 and beyond.