UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Texas Instruments on Increased 1Q13 Outlook

In a report published Friday, Jefferies reiterated its Buy rating on Texas Instruments TXN, and slightly raised its price target from $40.00 to $41.00. Jefferies noted, “TXN increased its 1Q13 outlook to the upper end of its previous range for both revs and EPS, as strong order trends from January continued through February. TI is building backlog, and expects QQ growth in 2Q. We think the next upside surprise will come from the gross margin line. We continue to believe the Street under-appreciates TI's high quality of earnings, and reiterate Buy.” Texas Instruments closed on Thursday at $35.20.