Texas Instruments stock is approaching a buy point ahead of the chipmaker's second-quarter earnings report.
At least four Wall Street analysts have raised their price targets on Texas Instruments stock this week. TI scored price-target hikes from Citi and UBS on Monday and KeyBanc and Mizuho Securities on Tuesday.
On the stock market today, Texas Instruments stock advanced 1.5% to close at 216.63.
Texas Instruments stock is in a 35-week consolidation pattern with a buy point of 220.38, according to IBD MarketSurge charts.
TI stock has been on a tear since the Dallas-based company reported first-quarter results on April 23. With that report, Texas Instruments returned to growth after nine straight quarters of declining sales and earnings.
Since its Q1 report, TI stock has surged about 48%.
Texas Instruments plans to report its second-quarter results on July 22. Analysts polled by FactSet expect TI to earn $1.34 a share, up 10.1% year over year, on sales of $4.34 billion, up 13.6%, in the June quarter.
KeyBanc Capital Markets analyst John Vinh on Tuesday reiterated his overweight, or buy, rating on Texas Instruments stock and increased his price target to 240 from 215.
Vinh also raised his targets on seven other stocks: Analog Devices, Broadcom, Microchip Technology, Monolithic Power Systems, NXP Semiconductors, Onsemi and Silicon Labs.
Texas Instruments ranks fifth out of 31 stocks in IBD's semiconductor manufacturing industry group, according to IBD Stock Checkup. It has an IBD Composite Rating of 76 out of 99.
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