Susquehanna Raises Price Target as Texas Instruments (TXN) Reports 12c EPS Beat
Susquehanna reiterated a Neutral rating on Texas Instruments (NASDAQ: TXN), and raised the price target to $55.00 (from $50.00), following the company's 3Q15 earnings results. TXN reported revenue of $3.43 bln, ahead of consensus of $3.28 bln. EPS of $0.76 was well ahead of $0.68 consensus.
Analyst Chris Caso commented, "TXN turned in a surprisingly solid quarter and guidance amid the uncertain market environment, with revenue well ahead of guidance, and opex well below. 4Q guidance was in-line with seasonality from the last two years. Commentary among industry players is now clearly not in sync, but given TXN’s large size, it will provide investors with some confidence that conditions are perhaps not as bad as feared. For TXN in particular, we think AAPL and wireless infrastructure were factors that contributed to the better than expected results, and industrial remained fairly stable. With regard to the stock, while the stock was clearly mispriced since the summer given the stability in their business, with the stock at 17x our proforma C16 EPS, it would appear to be fairly valued at the moment."
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Shares of Texas Instruments closed at $51.90 yesterday.