Texas Instruments Incorporated ( TXN ) shares are trading lower on Wednesday following the release of second quarter earnings and third quarter guidance on Tuesday after the market closed.

What To Know: Texas Instruments ( TXN ) reported second quarter earnings per share of $1.41, beating the consensus estimate of $1.33. In addition, the company reported sales of $4.44 billion, beating the consensus estimate of $4.32 billion and representing a 16% year-over-year increase.

Q3 Outlook: The company sees earnings per share from $1.36 to $1.60, versus the consensus estimate of $1.48. Furthermore, Texas Instruments ( TXN ) sees sales from $4.45 billion to $4.80 billion, versus the consensus estimate of $4.53 billion.

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

JP Morgan analyst Harlan Sur maintained an Overweight rating on Texas Instruments ( TXN ) and raised the price target from $195 to $225.

Truist Securities analyst William Stein maintained a Hold rating on Texas Instruments ( TXN ) and raised the price target from $171 to $196.

Wells Fargo analyst Joe Quatrochi maintained an Equal-Weight rating on Texas Instruments ( TXN ) and lowered the price target from $215 to $195.

Susquehanna analyst Christopher Rolland maintained a Positive rating on Texas Instruments ( TXN ) and lowered the price target from $250 to $240.

Baird analyst Tristan Gerra maintained an Outperform rating on Texas Instruments ( TXN ) and raised the price target from $175 to $220.

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TXN Price Action: At the time of writing, Texas Instruments ( TXN ) stock is trading 11.7% lower at $189.71, according to data from Benzinga Pro.

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