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

Nomura Securities maintains a 'Reduce' on Texas Instruments (NYSE: TXN) price target of $22.00.

Nomura analyst, Romit Shah, said, "TI hosted an analyst meeting yesterday to discuss its analog business (49% of sales). The company is demonstrating that a combination with NSM makes it a larger operator in analog, but the case for share gains is less convincing. According to management, NSM revenue growth will continue to underperform the market for another four quarters. TI is less enthusiastic on RFAB (300mm) as a catalyst for growth. Instead, TI highlights that engaging customers with a more complete portfolio of products and leveraging a large sales force will drive market share longer term. We believe TI may continue to underperform in 2012. TI trades at 18x 2012E consensus EPS of $2.27, excluding $3.00 in net debt versus 11x for our coverage universe."

For an analyst ratings summary and ratings history on Texas Instruments click here. For more ratings news on Texas Instruments click here.

Shares of Texas Instruments closed at $31.15 yesterday.

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