UPDATE: Citigroup Raises PT to $34 on Texas Instruments on Industrial Demand Improvement

Citigroup reiterated its Buy rating on Texas Instruments

and raised its price target from $31 to $34. Citigroup noted, "While TI's unchanged guidance is unlikely to inspire investors, we argue that indicators increasingly point to a more positive bias for "traditional chip stocks." Specifically, we are encouraged by green shoots of industrial demand improvement, below consumption chip shipments, and a green flashing estimate revision ratio for the group. To be sure, macro remains a noticeable uncertainty. But we believe risk/reward is leaning toward the long side and we advise clients to use pullbacks to initiate positions." Texas Instruments closed at $29.82 on Monday.