Barclays Lays Texas Instruments (TXN) on Cutting Board; Maybe A Next Cycle Outperformer

Barclays reiterates an 'Equalweight' on Texas Instruments (NASDAQ: TXN) price target of $32.00 (from $35.00).

Analyst, C.J. Muse, said, "As widely expected, the negative impact from a weakening macro backdrop is weighing on broad-based semis, with TXN guiding flat vs. typical seasonality/consensus of +6%. As a result, estimates will move lower. From here, focus remains on topline growth and filling TXN's fabs, something we see more meaningful next cycle as opposed to the current one."

Q3 EPS estimate lowered from $0.50 to $0.45, revenues from $3.54B to $3.34B. FY12 EPS estimate cut from $1.74 to $1.64, revs from $13.54B to $13.09B. FY13 from $2.30 to $2.00, revs from $14.68B to $13.74B.

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 $26.82 yesterday.

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