Nomura Securities Maintains a 'Reduce' on Texas Instruments (TXN); Lowers PT

Nomura Securities maintains a 'Reduce' on Texas Instruments (NYSE: TXN), PT lowered $2 to $26.

Nomura analyst, Romit Shah, said, "We are lowering our price target to $26 based on a multiple of 11x 2011 or 13x ex cash. There is no change to our below consensus EPS estimates. We are highlighting TI as one of the closest laterals off the Microchip miss last night given that analog and microcontrollers account for over 50% of revenue. We continue to believe that consensus revenue growth of 6% for Q3 will prove too optimistic. With the stock up 35% YoY, we believe investors are being complacent in TI, ignoring that their largest customer Nokia (NYSE: NOK) is collapsing, weakening signals in analog and embedded, and the significant multiple paid for National Semi (NYSE: NSM)."

For more ratings news on Texas Instruments click here and for the rating history of Texas Instruments click here.

Shares of Texas Instruments closed at $32.44 yesterday.

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