Texas Instruments downgraded at Citi on concerns over declining margins
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Texas Instruments (NASDAQ:TXN) is being downgraded at Citi, as the investment firm said it is concerned about declining margins in the future.
Analyst Christopher Danely lowered his rating to neutral and cut his price target to $187, down from $220, as he believes the company will have increased depreciation and the acquisition of a fab will hurt its margins.

"We estimate the new fab and higher depreciation will negatively impact gross margins by roughly 1%-3% in 2022 and our C22 EPS estimate is 6% below consensus," Danely wrote in a note.
Texas Instruments (TXN) shares are down nearly 2% to $183.21 on back of the downgrade, but have gained slightly more than 11% over the past year.
Texas Instruments (TXN) was mentioned as a possible M&A candidate by Samsung (OTC:SSNLF), which is reportedly looking at acquisitions in the automotive semiconductor space.