Bank Of America Lowers PT On TXN To $39

Bank of America is lowering its price target on Texas Instruments Inc.

from $42 to $39 due to a “hiccup” with Nokia. According to Bank of America, “Lower estimates to reflect Nokia; Maintain Buy TI guided down 2Q sales by ~$120mn (3.4% of original 2Q guidance) as part of its regularly scheduled mid-quarter update, with the entirety related to weakness at Nokia. TI reiterated that the remaining end-markets were tracking to plan. We lower 2011/12 EPS to $2.40/$2.79 from $2.49/$3.00 and PO to $39 from $42 on unchanged 14x 2012 PE multiple. Maintain Buy on analog players in our coverage - TI, Analog Devices and NXP Semi.” As mentioned above, Bank of America maintains a Buy rating on the stock. TXN closed yesterday at $32.67.