FBR Capital Maintains an 'Outperform' on Texas Instruments (TXN); Lowering Numbers
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Price: $174.81 +5.64%
Rating Summary:
18 Buy, 23 Hold, 6 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Rating Summary:
18 Buy, 23 Hold, 6 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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FBR Capital maintains an 'Outperform' on Texas Instruments (NYSE: TXN), PT lowered by $1 to $39.
FBR analyst says, "Stepping back, we remain constructive on TXN over the long term as the firm has meaningful barriers, growing scale, and a low 12x P/E multiple. That said, investors will likely take time to digest TI's acquisition of National (NSM), which means shares could trade sideways until some other catalyst emerges. Also, we note that many TXN comparables are also inexpensive, including Maxim (Nasdaq: MXIM), Int'l Rectifier (NYSE: IRF), and Fairchild Semi (NYSE: FCS). Net, we maintain our rating, but lower our 2011 GAAP EPS estimate slightly from $2.50 to $2.40, our 2012 estimate from $2.75 to $2.60, and our price target to $39, based on a 14x target P/E (2012 including stock compensation), seemingly appropriate given TI's growth and margin profile."
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 $32.67 yesterday.
FBR analyst says, "Stepping back, we remain constructive on TXN over the long term as the firm has meaningful barriers, growing scale, and a low 12x P/E multiple. That said, investors will likely take time to digest TI's acquisition of National (NSM), which means shares could trade sideways until some other catalyst emerges. Also, we note that many TXN comparables are also inexpensive, including Maxim (Nasdaq: MXIM), Int'l Rectifier (NYSE: IRF), and Fairchild Semi (NYSE: FCS). Net, we maintain our rating, but lower our 2011 GAAP EPS estimate slightly from $2.50 to $2.40, our 2012 estimate from $2.75 to $2.60, and our price target to $39, based on a 14x target P/E (2012 including stock compensation), seemingly appropriate given TI's growth and margin profile."
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 $32.67 yesterday.
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