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UPDATE: Sterne Agee Downgrades Texas Instruments to Underperform on Valuation, Wireless Exit

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Sterne Agee reduced its rating on Texas Instruments (NASDAQ: TXN) from Neutral to Underperform with a $27 price target.

Sterne Agee said, "We believe a 2013 exit from the wireless segment (~$800M in C12E) could be drag on top line/margins, even as Industrial-Communication markets improve. TXN also trades at a premium 23.5x versus the Analog group at 18.1x. With TXN not rationalizing any Fab capacity we believe there will be further downside to 1H13 consensus estimates and TXN top-line/margin improvement will lag its peers."

Texas Instruments closed at $30.80 on Thursday.

Posted-In: Sterne AgeeAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings

 

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