Texas Instruments (TXN): Drexel Hamilton Raises PT 15% After Solid Beat/Raise

Drexel Hamilton analyst, Cody Acree, reiterated his Buy rating on shares of Texas Instruments (NASDAQ: TXN) after a diverse revenue stream and positive recent trends drove a strong beat and raise.

June sales were nicely ahead of expectations, as were gross and operating margins, and TI is guiding for Q3 revenue to increase 2%-11%, with a midpoint of $3.48 billion, or $100 million ahead of the consensus.

Of the $0.04 upside to the $0.72 estimate, higher sales accounted for $0.05, higher gross margin was +$0.02, higher taxes -$0.01, higher operating expenses -$0.01, and higher stock-based compensation was -$0.01.

The price target increases to $82.00 from $71.00.

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 $66.22 yesterday.

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