UPDATE: Wedbush Raises PT on Texas Instruments, Order Patterns for 2013 Showing Improvement

In a report published on Monday, Wedbush reiterated outperform rating on

and raised price target from $37.00 to $39.00. Wedbush reported that, “TI guided Q1 rev to a range of $2.69B to $2.91B (-9% to -2% Q/Q) and pro forma EPS to be in a range of $0.24 to $0.32 (midpoint of $2.80B/$0.28). With our checks pointing to improving order patterns in February and replenishment orders post Chinese New Year, we look for TI to up its guidance to the higher end of the range at its Q1 mid-quarter update on March 7.” Texas Instruments closed at $34.18 on Friday.