UPDATE: Stifel Nicolaus Raises PT to $39 on Texas Instruments; Q1 Beat, Conservative Guide

Stifel Nicolaus raises its price target from $38 to $39 on Buy-rated Texas Instruments

as the company beats estimates for Q2 and guides higher into Q2. Stifel Nicolaus comments, "Given solid order momentum, a growing backlog, moderate improvements to the company's core analog and embedded markets, and overall commentary that the March quarter represented the bottom of this current cycle with order rates picking up (+13%), we remain encouraged that TI is well positioned for continued recovery and growth throughout the remainder of 2012. As the acquisition charges continue to dissipate, we believe there is significant leverage that will drive improvements to both GM and OP Margin and overall profitability. In fact, by our calculation if you were to exclude the acquisition related charges in 4Q11 on GMs, true operating GMs increased by 60bps on a sequential revenue decline of 8.7%." TXN closed at $31.89 on Monday.