Deutsche Bank continues to view Texas Instruments Inc. TXN “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.
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