Texas Instruments (NASDAQ:TXN) shares closed more than 2% lower today following the company’s Q3 announcement. While both Q3 EPS of $2.45 and revenue of $5.24 billion came in better than the Street estimates of $2.39 and $5.14 billion, respectively, the guidance was disappointing, with the company now seeing weakness in Personal Electronics spreading into Industrial and other applications (ex-Auto).

The company expects Q4/22 EPS to be in the range of $1.83-$2.11, compared to the Street estimate of $2.21, and revenue in the range of $4.4-4.8 billion, compared to the Street estimate of $4.93 billion.

Analysts at Deutsche Bank continue to believe the company will execute effectively through this downturn, but maintain their Hold rating and lower their price target to $155 from $160 as they believe investors already fully appreciate the defensive aspects of the shares.