Jefferies Raises Price Target on Texas Instruments (TXN) Following 3Q Report
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Jefferies reiterated a Buy rating on Texas Instruments (NASDAQ: TXN), and raised the price target to $82.00 (from $79.00), following the company's 3Q earnings report. Revenues of $3.68B were 550bps above consensus' $3.49B while EPS of $0.95 were 9c above. TXN's 4Q16 outlook for revenues were in line with consensus estimate of $3.3b, while EPS of $0.81 at the midpoint is above consensus of $0.79.
Analyst Mark Lipacis commented, "SepQ revs/EPS $3.7B/$0.95 beat consensus $3.5B/$0.86. DecQ rev outlook of $3.3b (-10% seq.) is in line with consensus while EPS of $0.81 at the midpoint is 2c above. The company increased its dividend by 32% and is skewing capital return to dividends. We think its neutral balance sheet means it has capacity to add leverage should it find an acceptable M&A target. Reiterate Buy."
Shares of Texas Instruments closed at $71.71 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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