UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Raises PT on Texas Instruments
In a report published Wednesday, Bank of America Merrill Lynch reiterated its Buy rating on Texas Instruments (NASDAQ: TXN), and raised its price target from $32.00 to $35.00.
BofA Merrill Lynch noted, “We reiterate Buy and raise our price objective (PO) from $32 to $35. TI's results reflect a sluggish demand environment and wind-down of mobile segment, but with the core analog/embedded positioned well for the expected macro rebound. We continue to like TI for its strong cash-flows, profit leverage from access to low-cost capacity and restructuring benefits from the mobile exit. Through its opportunistic capacity additions, TI managed to reduce capex by 39% YoY in 2012, which drove 20% growth in FCF despite a 7% YoY sales decline. While TI expects a seasonal Q1 with core (ex wireless) sales down -2% QoQ, the commentary on the call suggested macro visibility remains weak and lead times remain low.”
Texas Instruments closed on Tuesday at $33.46.
Latest Ratings for TXN
|Apr 2015||Raymond James||Upgrades||Market Perform||Strong Buy|
|Apr 2015||Bank of America||Downgrades||Neutral|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.