Sterne Agee CRT Raises Price target Following Texas Instruments (TXN) 3Q EPS Beat

Sterne Agee CRT reiterated a Buy rating on Texas Instruments (NASDAQ: TXN), and raised the price target to $63.00 (from $60.00), following the company's 3Q earnings results. TXN reported revenue/GM/EPS of $3.43B/58.2%/$0.76, well above consensus of $3.28B/58.2%/$0.68. At the midpoint TXN guided revenue/EPS to $3.20B/$0.69, above consensus of $3.13B/ $0.62.

Analyst Douglas Freedman commented, "Biggest surprise to us about TXN's Q3 earnings is the company being able to post a solid beat-and-raise quarter despite the macro environment remaining soft, which leads us to believe the magnitude of inventory correction has greatly reduced and TXN is close to running at normal seasonality again. Despite the higher revenue point in Q3, our revised model assumes a slow demand trend persists in 2016. We are also raising our PT to $63, or 16.65x our 2017 FCF estimate of $3.81 per share."

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 $51.90 yesterday.

You May Also Be Interested In

• Texas Instruments (TXN) PT Raised to $175 at Baird
• Goldman Sachs on Meta Platforms Inc. (META): 'We expect investors to have an initial negative reaction'
• Jefferies Downgrades LTIMindtree Ltd (LTIM:IN) to Underperform