Despite Weak Guidance at Texas Instruments (TXN), Orders are Bottoming - Jefferies

Jefferies reiterated its Buy rating and $40 price target on Texas Instruments (NASDAQ: TXN) following results after the close.

The firm said while the company guided March quarter revenues to miss the midpoint by 2%, more importantly the company indicated that orders were bottoming and that channel inventories were below normal levels.

Jefferies expects a restock in 1H12, and views their estimates as conservative.

Q2 EPS was cut from $0.45 to $0.32, FY12 from $2.48 to $2.08 and FY13 from $3.21 to $2.91.

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 $33.19 yesterday.

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