Nomura Securities Maintains a 'Reduce' on Texas Instruments (TXN); Q2 Review

Nomura Securities maintains a 'Reduce' on Texas Instruments (NYSE: TXN) price target of $26.00.

Nomura analyst, Romit Shah,�says, "Reported 2Q earnings slightly above reduced expectations. Weak Q3 guidance backs our view that end customers are reducing build forecasts for back-to-school and the holiday season. We believe the guide for Q3 would have been worse if not for ongoing supply constraints at the Miho fab. We believe Q3 is not likely the last estimate cut. Our estimates are largely unchanged at $0.60 for 3Q11, $2.30 ($2.28 previously) for 2011, and $2.38 for 2012 (consensus at $2.67)."

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 $31.47 yesterday.

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