UPDATE: Stifel Nicolaus Reiterates Buy, Lowers Target to $36 on Texas Instruments

Stifel Nicolaus maintains its Buy rating on Texas Instruments

on fundamentals but lowers target price to $36 from $38 on mid-quarter updates that confirms sluggish NT environment. Stifel Nicolaus comments, “Entering the December quarter, TI had originally expected weakness to be across each end market (analog, EP, and Other), but with the quarter already 2/3rds complete, results are tracking worse than original expectations. By end market, wireless infrastructure was particularly weak as programs by carriers in North America (AT&T/T-Mobile) have been pushed-out due to deal uncertainty. Computing remains weak due to the flooding in Thailand and the consumer market remains challenged as the TV market is weaker than expected.” TXN closed at $29.92 per share on Thursday.