diff --git a/public/app/plugins/panel/text2/module.tsx b/public/app/plugins/panel/text2/module.tsx
index ae94e16a766..f2cf52fbd75 100644
--- a/public/app/plugins/panel/text2/module.tsx
+++ b/public/app/plugins/panel/text2/module.tsx
@@ -6,16 +6,15 @@ import { TextOptions, defaults } from './types';
 import { PanelModel } from 'app/features/dashboard/state';
 
 import get from 'lodash/get';
+import cloneDeep from 'lodash/cloneDeep';
 
 export const reactPanel = new ReactPanelPlugin<TextOptions>(TextPanel);
 
 const validator = (model: PanelModel): TextOptions => {
   const options = model.options as TextOptions;
   if (!options) {
-    const old = get(model, 'cachedPluginOptions.text');
-    if (old) {
-      return old;
-    }
+    // Use the same settings from an existing 'text' panel
+    return cloneDeep(get(model, 'cachedPluginOptions.text'));
   }
   return options;
 };