Deutsche Bank Maintains Hold on Texas Instruments

Deutsche Bank continues to view Texas Instruments Inc.

“as a superb operator and see its 2Q guidance as being conservative.” “However, we believe the shares will be range bound until the market gains better visibility into TXN's expectation for a 2H snapback (Japan-driven) and we get closer to the completion of the NSM acquisition,” Deutsche Bank writes. “Consequently, we retain our Hold rating and $35 P/T (P/E of ~15x CY11E EPS).” Texas Instruments closed Thursday at $35.33.