Goldman Sachs downgraded Texas Instruments (NASDAQ:TXN) to Sell from Buy and lowered its 12-month price target to $156 from $200, citing concerns around the company's strategic capacity decisions and capital spending.

The analyst noted that Texas Instruments remained the world's largest analog semiconductor supplier, with roughly 26% global market share as of 2024, and had historically served as a bellwether for the broader analog semiconductor industry. While Goldman continued to see a constructive outlook for an analog recovery in 2026, it said Texas Instruments' approach to capacity expansion and capital allocation in the current cycle could weigh on margins and earnings recovery relative to peers.

Goldman said these company-specific factors were expected to act as an idiosyncratic drag, limiting upside even as the broader analog sector improved. The revised price target implied roughly 13% downside from current levels, compared with more than 40% upside potential across the median analog stock in Goldman's coverage universe.