FBR Lowers PT On Texas Instruments To $39

FBR Capital Markets has published a research report on Texas Instruments

after the company showed lower baseband shipments that caused a guidance cut. In the report, FBR writes, "TI said its reduced guidance is due to weaker sales to Nokia, primarily baseband shipments but likely some OMAP shipments too, with the rest of the business tracking as expected. One silver lining is that TI's baseband shipments are now only 6% of sales, resolving the baseband overhang more quickly than expected. TI said lead times are now back to normal for most parts, with the exception of certain Japanese parts sourced from its Miho fab. Distributor inventories remain lean and unchanged as distributor resales should grow in the mid single digits QOQ." FBR maintains its Outperform rating but has lowered the price target from $40 to $39. Texas Instruments closed yesterday at $32.67.