Sterne Agee Maintains Buy on Texas Instruments - Texas Instruments (NASDAQ:TXN)

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Sterne Agee is out with its report today on Texas Instruments (NYSE: TXN), maintaining Buy.In a note to clients, Sterne Agee writes, "We are lowering C2Q11 revenues/EPS to $3.43B/$0.54 from $3.50B/$0.61, and lowering C11E modestly to $14.42B/$2.52 from previous $14.49B/$2.59. Our C12E remains unchanged at $15.5B/$3.15. Maintaining our Buy rating and $40 price target, 13x our C12E EPS, versus the historical 5-year mean of 9-45x P/E. We believe baseband revenues decreasing as a % of revenues should drive better TXN gross margins with better product mix."At the time of posting, shares of TXN were trading pre-market at $32.71, up 0.12% from Wednesday's close.

27% profits every 20 days?

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