Texas Instruments ups free cash flow target range


During an analyst CC, Texas Instruments (TXN) declared it now has a free cash flow margin target range of 20%-30%, up from a prior 20%-25%.

Helping TI achieve high cash flow margins: The chipmaker has committed to spending only 4% of revenue on capex (below industry peers) until annual sales reach $18B. The 2014 revenue consensus is at $12.6B.

TI has already promised investors to return all of its FCF to shareholders, save for funds used to pay down debt. The company priced a $500M debt offering at low interest rates earlier this month.

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