Gleacher & Co. Reiterates a 'Buy' on Texas Instruments (TXN); EPS Going Higher in '12 with NSM Roll-in Still Ahead
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Price: $279.58 +2.25%
Rating Summary:
24 Buy, 22 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
24 Buy, 22 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Gleacher & Co. reiterates a 'Buy' on Texas Instruments (NYSE: TXN), raises PT by $1 to $43.
Gleacher analyst says, "While our thesis on TXN remains largely unchanged, we would have liked to have heard management become vocal on updated spending plans given softer revenue expectations in CY11, as margins appear set to recover in CQ3 (September). Longer-term, as it pertains to NSM, we have little reason to doubt TXN will deviate much from its strong track record of acquiring and subsequently successfully growing companies, which will be partially fueled by a robust sales force, manufacturing leadership and high margin distribution-based
industrial sales."
"We believe the stock will continue to work over time to our $43 price target given our view that leverage in the model (55%/25%/30% target) is underestimated, both in timing and magnitude of lower operating expenses post-restructuring and strong longer-term growth catalysts (Analog, OMAP and Embedded Processing)."
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 $34.79 yesterday.
Gleacher analyst says, "While our thesis on TXN remains largely unchanged, we would have liked to have heard management become vocal on updated spending plans given softer revenue expectations in CY11, as margins appear set to recover in CQ3 (September). Longer-term, as it pertains to NSM, we have little reason to doubt TXN will deviate much from its strong track record of acquiring and subsequently successfully growing companies, which will be partially fueled by a robust sales force, manufacturing leadership and high margin distribution-based
industrial sales."
"We believe the stock will continue to work over time to our $43 price target given our view that leverage in the model (55%/25%/30% target) is underestimated, both in timing and magnitude of lower operating expenses post-restructuring and strong longer-term growth catalysts (Analog, OMAP and Embedded Processing)."
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 $34.79 yesterday.
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