UPDATE: FBR Capital Maintains Perform, Lowers PT to $28 on Texas Instruments
FBR Capital Markets reiterates its Market Perform rating on Texas Instruments Inc. (NYSE: TXN) and lowers its target price to $28 from $31 on lower Q4 guidance.
FBR comments, “Texas Instruments (TI) cut 4Q11 guidance, citing broad-based weakness across all segments except OMAP application processors, and with customers lowering inventories in response to macro- and semiconductor cycle–related volatility. Specifically, 4Q11 revenues are guided to $3.19B–$3.33B (–4% to –8% QOQ, but –15% QOQ ex-National acquisition), worse than its prior $3.26B–$3.54B (–6% to +2% QOQ) and the Street's $3.41B. GAAP EPS were guided to $0.21–$0.25, worse than its prior $0.28–$0.36, with about $0.15–$0.16 of pro forma items too.”
TXN closed at $29.92 per share on Thursday.
