Nomura Securities Maintains a 'Reduce' on Texas Instruments (TXN); Cutting Estimates After Q1 Results

Nomura Securities maintains a 'Reduce' on Texas Instruments (NASDAQ: TXN) price target of $28.00.

Analyst, Romit Shah, said, "TI lowered its Q1 revenue/EPS outlook from $3.15bn/$0.20 to $3.05bn/$0.17. Non-GAAP EPS is expected to be $0.10 higher. We are lowering our EPS estimate for 2012 from $1.85 to $1.74 (Street at $1.89), and for 2013 from $2.25 to $2.15 (Street at $2.46). The revenue miss came from OMAP and connectivity. We are surprised that analog and embedded processing have not accelerated quarter-to-date and offset the weakness in wireless. While sales should improve in Q2, in analog, we continue to prefer Avago (Nasdaq: AVGO) (Buy) and Maxim (Nasdaq: MXIM) (Buy), due to secular tailwinds in wireless and valuation."

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 $32.60 yesterday.

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