Nomura Securities Maintains a 'Neutral' on Texas Instruments (TXN); Positive Mgmt Meeting, But Expect Weak Q3

Nomura Securities maintains a 'Neutral' on Texas Instruments (NASDAQ: TXN) price target of $32.00.

Analyst, Romit Shah, said, "Earlier this week, we hosted a conference call with TI’s Brian Glinsman, Vice President of Communications Infrastructure...Mr. Glinsman was very balanced on the opportunity of SoC versus PLDs, even though TI is seeing good momentum with its newly available SoCs. The SoC devices are more integrated, provide packet-level processing, and are much cheaper. PLDs, though, are not going away. Mr. Glinsman believes PLD content is extremely high in 4G base-stations though declining as units ramp."

"While we recognize that TI’s stock has underperformed and FCF yield is attractive (8-10%), we believe Q3 is shaping up to be below consensus revenue growth of 7%."

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 $28.54 yesterday.

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