UPDATE: Citi Raises PT on Texas Instruments to $36

Citi is out with its report today on Texas Instruments (NYSE: TXI), raising its PT from $32 to $36.

In its report, Citi writes, "With lower taxes and OpEx (excluding acquisition related charges), we are raising our non-GAAP EPS (excluding acquisition-related charges, including stock comp) to $2.25 from $2.07 previously (GAAP EPS to $1.95 from $2.07 impacted by acquisition-related charges). Our price target goes to $36 from $32 on higher EPS estimates and multiple."

Citi maintains Buy on TXN.

Shares of TXN closed Monday at $31.69, up 4.04% from Friday's close.