Canaccord Raises PT on Texas Instrument to $34, Maintains Hold

Canaccord maintains its Hold rating on Texas Instruments (NASDAQ: TXN) and raises its price target to $34 on more signs of recovery.

Canaccord notes, "We remain at HOLD following upside results (versus lowered outlook) and soft guidance. While management sees the bottom for the industry's current inventory correction, we believe shares of TXN could be range-bound on share losses by legacy NSM business. TXN reported Q4/11A (Dec) after the close. Revenues and GAAP EPS were $3.42 billion and $0.25, compared to consensus estimates of $3.254 billion and $0.39 (non-GAAP) and our estimates of $3.26 billion and $0.24 (GAAP)."

TXN closed at $33.19 a share on Monday.