Needham & Company Reiterates a 'Buy' on Texas Instruments (TXN); Ready, Set, Wait; We�re Still at the Bottom

Needham & Company reiterates a 'Buy' on Texas Instruments (NYSE: TXN) price target cut from $35 to $31.

Needham analyst says, "TI lowered its Q4 guidance during its mid quarter update to $3.19B to $3.33B in revenue and $0.21 to $0.25 in EPS. TI cited lower demand across a wide range of markets, customers and products, with OMAP being the only bright spot (largely consistent with original Q4 guide). Distributors and OEM customers continue to be reticent to take on inventory yet TI's internal buffers are running ahead to be poised for upside (if it occurs but there is no definitive sign this is the case). This news will be met with pessimism as many investors jumped the gun on a bottom. In this environment we are positively biased towards Buy rated Maxim due to its smartphone exposure relative to TI. We reduced our 2011 revenue/non-GAAP EPS from $13.7B/$2.25 to $13.6B/$2.15, our 2012 revenue/non-GAAP EPS from $15.0B/$2.40 to $14.7B/$2.25, and introduced our 2013 revenue/non-GAAP EPS of $15.3B/$2.50."

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 $29.92 yesterday.

---

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

---

You May Also Be Interested In

• Coherent (COHR) PT Raised to $420 at Needham
• Needham Reiterates Buy Rating on Lucid Diagnostics Inc (LUCD)
• Nu Holdings (Nubank) (NU) PT Raised to $19 at Needham