TXN - Texas Instruments: Elliott's Activist Campaign Is Misguided

2024-05-29 09:50:16 ET

Summary

• Activist investor Elliott Investment Management is calling for changes to Texas Instruments' business strategy.
• I find Elliott's arguments unpersuasive.
• Texas Instruments has a long-term focus and should prioritize its core competencies and long-term strategic positioning.
• Shares seem fully valued for now, regardless of what happens with this activist campaign.

I have been a long-time investor in Texas Instruments ( TXN ). I first purchased shares in 2016, and I have subsequently added to my position several times.

As someone who has owned Texas Instruments stock for eight years now, I have great appreciation for management's operational and capital allocation strategies....

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