Cowen reiterated a Market Perform rating on Texas Instruments (NASDAQ: TXN), and cut the price target to $58.00 (from $60.00), following its 2Q15 earnings report. TXN reported EPS of $0.65, $0.01 below Street. Analyst Timothy Arcuri said that revenue continues to face headwinds in end markets such as wireless infrastructure.

Arcuri commented, "Amid macro pressure, TXN delivered better results and guidance (on a relative basis) vs peers like LLTC. GM continues to hold up very well here and this remains one of the only semis w/ structural upside to GM over time (well correlated w/semi stock performance and P/E) while '16 should be better if only on the back of some normalization in wireless infrastructure. Tgt $60 to $58."

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Shares of Texas Instruments closed at $49.30 yesterday.