UPDATE: Deutsche Bank Raises PT on Texas Instruments on 1Q Revenue, EPS Outlook

In a report published Friday, Deutsche Bank reiterated its Hold rating on Texas Instruments (NASDAQ: TNX), and slightly raised its price target from $30.00 to $31.00.Deutsche Bank noted, “Core Analog and Embedded biz guided roughly in-line. TXN provided raised 1Q rev/EPS outlook in its mid-qtr update, with expected $50m in rev upside predominately from the co's soon-to-be shuttered Wireless biz (last time buys) and slightly better Industrial demand. Overall, TXN's guide for its core biz was in-line with our expectations and outlook for a gradual recovery to unfold this year. Consequently we continue to view TXN stock as fully valued given it trades in-line with analog peers despite revenue headwinds as it exits Wireless and a net debt position (vs peers with net cash). We maintain a Hold rating and raise our P/T to $31 on slightly higher CY13E.”Texas Instruments closed on Thursday at $35.20.