Jefferies Raises Estimates, Price Target on TI (TXN) After Latest Jobs Cuts

Jefferies boosted estimates and its price target onTexas Instruments (NASDAQ: TXN) from $33 to $35 following the company's latest cost cutting initiated, which includes cutting 1,700 jobs.

The firm comments, "TI announced it will lower annual costs by $450m by EOY13, consistent with its strategy to focus its Wireless business on the embedded markets. We now forecast 6% FCF growth in 2013, FCF yield of 8.4% off our CY13 estimates. We like the 2.9% dividend yield, and view TXN as a beneficiary of transistor cost inflection we call "Moore Stress." We remain buyers of TXN."

FY13 EPS goes from $2.05 to $2.16.

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 $28.76 yesterday.

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