UPDATE: FBR Lowers PT on Texas Instruments to $31

FBR is out with its report today on Texas Instruments

, lowering its PT from $32 to $31. In its report, FBR writes, "We maintain our Market Perform rating and our 2011 EPS estimate at $2.28, but adjust our 2012 estimate up from $2.25 to $2.40, and trim our price target from $32 to $31, a constant 14x target P/E (2012 including stock compensation and excluding baseband contribution)." At the time of posting, shares of TXN were trading at $28.58, up 0.95% from Thursday's close.