UPDATE: Oppenheimer Holdings Downgrades Texas Instruments to Perform, Removes $35 PT

In a report published Wednesday, Oppenheimer Holdings downgraded its rating on Texas Instruments

from Outperform to Perform, and removed its $35.00 price target. Oppeneheimer Holdings noted, “We are reducing estimates and downgrading shares of TXN to Perform from Outperform. We are removing our $35 target. While we continue to believe in the company's long-term ‘core' analog/embedded share gain story, TXN's ‘noncore' wireless business remains a headwind. Tuesday, TXN articulated a shift in wireless strategy, with plans underway to discontinue wireless (OMAP/connectivity) investment for smartphone/tablet. Wireless (~10% of sales) will likely see revenues dwindle over the next several years as the business slowly unwinds, much as the baseband exit created material top-line headwinds. As it is the most broadly diversified company in our universe, we expect challenged global GDP will weigh on the core business near term. With upside likely limited, we are stepping to the sidelines.” Texas Instruments closed on Tuesday at $27.83.