Barclays Reiterates an 'Equalweight' on Texas Instruments (TXN); Below Seasonal Computing and Consumer Drive Cautious Sept Guide

Barclays reiterates an 'Equalweight' on Texas Instruments (NYSE: TXN) price target of $36.00.

Barclays analysts says, "TXN reported better 2Q results than the lowered
expectations as outlined in the mid-quarter update as strength in MCUs and analog helped offset some of the Nokia weakness (primarily basebands). As we take a somewhat cautious near-term view on below-seasonal outlook for computing (23% of mix), consumer exposure (10% of sales), and given some subdued MCU datapoints (Freescale Semiconductor (NYSE: FSL), Microchip (Nasdaq: MCHP), Silicon Labs (Nasdaq: SLAB)), we reiterate our rating as we observe slower growth and await the completion of the NSM deal and margin recovery."

"We now model September at $3.55B/$0.63 (consensus $3.62B/$0.64), CY11E $13.9B/$2.41 (consensus $14.0B/$2.37) and CY12E $14.4B/$2.65 (consensus $14.8B/$2.69)."



For more ratings news on Texas Instruments click here and for the rating history of Texas Instruments click here.

Shares of Texas Instruments closed at $31.47 yesterday.

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