Kaufman Bros. Reiterates a 'Buy' on Texas Instruments (TXN); Getting Hit Like All Analog Semis - Lowering GAAP Estimates

Kaufman Bros. reiterates a 'Buy' on Texas Instruments (NYSE: TXN) price target of $32.00.

Kaufman analyst says, "While we are cutting estimates and expect the Street to cut GAAP numbers as well, we are reiterating our BUY rating on TXN and $32 price target post its earnings report yesterday. We believe the analog sector is in a cyclical bottoming process and would suggest that investors take positions in TXN shares if the stock were to trade down significantly following its earnings report."

"As a result of the company's new guidance we are adjusting our estimates
as follows: 4Q11: Adjusting total revenue/GAAP EPS to $3.40B/$0.32 from $3.20B/$0.55 (the Street was at $3.4B/$0.54). We are establishing a non-GAAP EPS estimate of $0.47 (excludes NSM acquisition charges)...CY2011: Adjusting total revenue/GAAP EPS to $13.72B/$1.94 from $13.39B/$2.24 (the Street was at $13.6B/$2.24). We are establishing a non-GAAP EPS estimate of $2.19 (excludes NSM acquisition charges)...CY2012: Adjusting revenue/GAAP EPS to $14.59B/$2.15 from $13.38B/$2.36 (the Street was at $14.6B/$2.40). We are establishing a non-GAAP EPS estimate of $2.45 (excludes NSM acquisition charges)."

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 $31.69 yesterday.

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