Needham & Company Maintains a 'Hold' on Texas Instruments (TXN); Guidance Offers Little Solace

July 24, 2012 8:13 AM EDT
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Needham & Company maintains a 'Hold' on Texas Instruments (NASDAQ: TXN).

Analyst, Vernon Essi, Jr., said TI posted in-line results, and guidance that was below expectations, but not a total surprise given the current environment.

Essi, said, "TI’s lean channel inventories tend to exaggerate these changes in sentiment and Q2 orders went cold in the month of June. The softening demand is broad-based and TI’s results will put a cloud on our analog/mixed signal coverage universe near-term. This could turn quickly, of course, but we don’t anticipate any critical demand mileposts for investors until late August and would remain on the sidelines until then. We lowered our 2012E revenue/EPS from $13.6B/$1.80 to $13.2B/$1.73 and our 2013 revenue/EPS from $14.9M/$2.35 to $14.4B/$2.16."

For an analyst ratings summary and ratings history on Texas Instruments click here. For more ratings news on Texas Instruments click here.

Shares of Texas Instruments closed at $26.82 yesterday.

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