UPDATE: Oppenheimer Downgrades Texas Instruments (TXN) to Perform, Wireless a Headwind

September 26, 2012 6:40 AM EDT
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Price: $74.38 --0%

Rating Summary:
    25 Buy, 19 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 31 | New: 34
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(Updated - September 26, 2012 8:41 AM EDT)

Oppenheimer downgraded Texas Instruments (NASDAQ: TXN) from Outperform to Perform and removed their $35 price target.

"While we continue to believe in the company's long-term "core" analog/embedded share gain story, TXN's "non-core" wireless business remains a headwind," the analyst comments. "Tuesday, TXN articulated a shift in wireless strategy, with plans under way to discontinue wireless (OMAP/connectivity) investment for smartphone/tablet. Wireless (~10% of sales) will likely see revenues dwindle over the next several years as the business slowly unwinds, much as the baseband
exit created material top-line headwinds. As it is the most broadly diversified company in our universe, we expect challenged global GDP will weigh on the core business near term. With upside likely limited, we are stepping to the sidelines."

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 $27.83 yesterday.

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