Morgan Stanley Resumes Coverage of Texas Instruments At Overweight

In a note out today, Morgan Stanley resumed coverage of Texas Instruments (NYSE: TXN) with an overweight rating and $35 price target, which is well above where the shares currently trade.

“We believe Texas Instruments is an attractive investment because it is well-positioned to: 1) take analog market share with $6B+ in add'l revenue capacity; 2) benefit from higher silicon content & volumes, due to smartphone and tablet secular trends; and 3) provide consistent and stable cash flows for investors, having returned >$23B in dividends & share repurchases since 2002,” Morgan Stanley said in the note.