Nomura Securities Maintains a 'Reduce' on Texas Instruments (TXN); Lowering Estimates After Q4 Guidance

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

Nomura analyst, Romit Shah, said, "TI lowered the mid-point of its 4Q11 revenue outlook from $3.40bn to $3.26bn. The GAAP EPS forecast is lowered from $0.32 to $0.23. We estimate that proforma EPS is lowered from $0.47 to $0.39. We recognize that TI has tremendous earnings leverage in a recovery but would encourage investors to wait for a better buying opportunity in the February/March time frame. That's when we see the inventory correction fully behind us, seasonality will turn more favorable, and 2013 estimates will become more relevant. And at a current multiple of 16x our 2012E EPS, we believe investors can afford to be patient."

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.

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