Citi Retierates Buy on Texas Instruments, Reduces PT to $40

Citi reiterated its Buy rating on Texas Instruments

. At the same time, Citi reduced its price target on the company's stock from $42 to $40. In a research report published today, Citi states, "In general, we view TI's mid-quarter as a non-event, leaving our non-Nokia views unchanged and sector outlook unchanged. As such, we expect typical seasonal weakness to dominate near-term chip trading, perhaps exacerbated by the de-risking evident in the market. We look forward to improved conditions for chip shares in 2H11, albeit we continue to favor a stock-picking strategy." On Wednesday, Texas Instruments lost 1.8% of its value to close the day at $32.67. Its shares regained some of its yesterday's losses in today's pre-market trading, however, rising 0.37% to $32.79.