Kaufman Bros. Maintains a 'Buy' on Texas Instruments (TXN); Not Surprisingly, Seeing a Sequential Drop in 3Q11

Kaufman Bros. maintains a 'Buy' on Texas Instruments (NYSE: TXN) price target lowered from $40 to $32.

Kaufman analyst says, "TXN is attributing the weakness to a tougher environment as it saw broadly lower demand across all its end markets, which we don't think should be a surprise to most investors. Given that we assume this number cut was expected and with TXN shares down almost 25% since the beginning of July (when we are arbitrarily estimating semis started pricing in the current economic), we are maintaining our rating on the stock."

"Lowering Estimates - 3Q11: Adjusting our total revenue and GAAP EPS estimates to $3.33B/$0.58 (from $3.58B/$0.60); the Street is currently at $3.55B/$0.60; new guidance midpoint is $3.3B/$0.58...2011: Adjusting our total revenue and GAAP EPS estimates to $13.39B/$2.24 (from $13.83B/$2.27); the Street is currently at $13.9B/$2.31. (Note: these estimates do not include the NSM acquisition)...2012: Adjusting our total revenue and GAAP EPS estimates to $13.38B/$2.36 (from $14.32B/$2.51); the Street is currently at $14.54B/$2.58. (Note: these estimates do not include the NSM acquisition)."

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.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• DA Davidson Reiterates Neutral Rating on Timken (TKR)
• Wolverine World Wide (WWW) PT Raised to $31 at UBS on Growth, EPS Upside Potential