UPDATE: Credit Suisse Downgrades Texas Instruments to Neutral on Capacity Risk
Credit Suisse reduced its rating on Texas Instruments (NASDAQ: TXN) from Outperform to Neutral and lowered its price from $32 to $26.
Credit Suisse commented, "TXN has positioned itself well for a 2009-like recovery - significant capacity to capture market share as competitors see lead-times stretch out in the face of a V-like business environment. Unfortunately, extra capacity is an asset in a V-recovery and is a liability in the current low growth environment driven by (1) Macro concerns, (2) what we expect to be muted rev growth for handset levered Semis (15-18% of TXN revenue) and (3) $1.1bn (annually) in rev headwinds as the company repositions OMAP/connectivity."
Texas Instruments closed at $27.17 on Wednesday.
Latest Ratings for TXN
|Jul 2014||Tigress Financial||Upgrades||Underperform||Neutral|
|Jul 2014||Credit Suisse||Maintains||Neutral|
|Jul 2014||Deutsche Bank||Maintains||Hold|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.