Shares of Texas Instruments Inc. soared 6% to a 16-year high in morning trade Tuesday, after the chip maker's better-than-expected second-quarter results and upbeat outlook prompted an upgrade at Bank of America Merrill Lynch. Analyst Vivek Arya raised his rating to buy, after being at neutral for the past 15 months, and lifted his stock price target to $80 from $64. Arya wrote in a note to clients that the "strong" results and outlook address his near-term concerns over the impact of Brexit and other macro issues on the company's auto and industrial businesses. He said the next potential catalyst could be a dividend boost in September or October. The stock has run up 28% year to date, while the VanEck Vectors Semiconductor ETF has climbed 18% and the S&P 500 has gained 5.8%.
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