Needham & Company Reiterates a 'Buy' on Texas Instruments (TXN); Lowers Q3 Guide on Macroeconomic Weakness

Needham & Company reiterates a 'Buy' on Texas Instruments (NYSE: TXN) price target lowered from $38 to $36.

Needham analyst says, "TI lowered its Q3 guidance during its mid quarter update to $3.23B to $3.37B and $0.56 to $0.60 EPS. TI cited macroeconomic uncertainty causing broad based weakness in a wide range of products, from both consumer and enterprise customers. This is a worse outlook than the original Q3 guide which had only seen weakness in Computing and Consumer. That said, investors had been expecting a negative mid-Q guide so this may be a neutral event to the share price. We reduced our 2011 revenue/EPS from $13.9B/$2.38 to $13.4B/$2.25 and our 2012 revenue/EPS from $14.6B/$2.75 to $14.1B/$2.60."

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 $25.80 yesterday.

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