UPDATE: FBR Raises Texas Instruments' PT

According to a research report published this morning, FBR has increased Texas Instruments'

PT from $28 to $30. In the report, FBR commented, "Texas Instruments (TI) reported largely in-line 1Q12 financial results, guided 2Q12 revenues slightly better than the Street, and guided 2Q12 EPS in line with the Street. Likely to get investors' attention is that inventory days grew by 21 to 108 days, likely "borrowing" from future fab utilizations and gross margin leverage upside. Further, wireless connectivity and OMAP sales fell meaningfully (–35% QOQ) to levels below those achieved in 1Q11 and even 1Q10, prompting many investor questions about the viability of this business." FBR maintains its Market Perform rating on Texas Instruments, which closed yesterday at $31.89.