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UPDATE - UBS Downgraded Texas Instruments (TXN) to Neutral; Margin Upside Limited; Prefer ADI & MXIM

April 2, 2012 1:09 PM EDT Send to a Friend
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Price: $48.75 -0.47%

Rating Summary:
    15 Buy, 22 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 24 | New: 21
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UPDATE - UBS downgraded Texas Instruments (NASDAQ: TXN) from Buy to Neutral. PT cut from $37 to $35.

UBS analyst said, "While we remain positive on the sector, we point out that wireless infrastructure (~20% of rev) remains weak, & the pace of industrial (~18% of rev) recovery is not fast enough as weakness in China offsets strength in the US. Although we expect inventory restocking and Chinese wireless infrastructure spending in late 2Q to help drive revenue, we believe at current valuation, the upside is priced-in."

"We lower TXN’s 2012/13E Rev/EPS(pf) to $13B/$1.65 (cons $13.5B/$1.74)/ $14B/$2.15 (cons $.14.7B/$2.36), from $13.4B/$1.71/ $14.4B/$2.25."

UBS prefers names with margin leverage including Analog Devices (NYSE: ADI) and Maxim Integrated (Nasdaq: MXIM).

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