UPDATE: Nomura Reiterates Neutral Rating, Raises PT on Texas Instruments on Mid-Quarter Update
In a report published Friday, Nomura reiterated its Neutral rating on Texas Instruments (NASDAQ: TXN), and raised its price target from $26.00 to $28.00.
Nomura noted, “The stock in our view is pricing in a solid recovery at 21x. TI tightened its Q1 revenue guidance to the upper half of the previous range and raised EPS from $0.28 to $0.30. Management believes the revenue upside is a reflection of improving end demand. TI expects growth to continue in Q2. The seasonal average growth for its core business is up 8-9% q/q. In our view, a key driver for TI‟s share performance is gross margin.”
Texas Instruments closed on Thursday at $35.20.
Latest Ratings for TXN
|May 2015||Mizuho Securities||Initiates Coverage on||Neutral|
|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.