UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Texas Instruments

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Texas Instruments

, and raised its price target from $27.00 to $30.00. Deutsche Bank noted, “4Q results in-line; guidance impacted by Wireless exit. TXN delivered in-line results but provided 1Q guidance below expectations driven by the exit of the Wireless biz. While seasonal guidance for TXN's core segments and signs of improving bookings ytd are encouraging, margin leverage remains a persistent challenge. In the absence of an upturn similar to 2009/10, we see our rev/margin ests already reflecting realistic upside and view the shares as fully valued (P/E 20x CY13E). Maintain Hold rating.” Texas Instruments closed on Tuesday at $33.46.