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

Nomura Securities maintains a 'Reduce' on Texas Instruments (NASDAQ: TXN) price target raised from $22 to $28.

Analyst, Romit Shah, said, "TI reported Q4 revenue of $3.42bn, above the high end of guidance. Orders strengthened in the back half of December, and continued into January across all major product lines. Proforma EPS of $0.48 beat our estimate of $0.39. Q1 proforma EPS guidance of $0.30 (mid-point) is below our previous estimate of $0.35 and consensus of $0.41, driven by lower margins, higher opex and tax rate. Our estimates increase from $13.9bn/$1.85 to $14.2bn/$1.85 in 2012. We also establish 2013 estimate of $2.25...TI should experience a solid recovery over the next couple quarters, but this seems more than priced in at 18x forward earnings."

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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