JP Morgan Maintains Overweight, $35 Target on Texas Instruments

JP Morgan reiterates its Overweight and price target of $35 per share on Texas Instruments Incorporated TXN as the company is expected to give higher guidance on OMAP strength. JPM comments, “We believe the strength in TI's OMAP business is due to it becoming the applications processor for Google's new Ice cream sandwich operating system and strong shipments of Amazon's Kindle Fire tablet. We expect Kindle Fire shipments to generate roughly $75.0 million in incremental revenue while strength in smartphone shipments should lead to an incremental $25.0 million in revenue during 4Q11.” TXN closed at $30.67 per share on Wednesday.