UPDATE: Credit Suisse Raises PT to $35 on Texas Instruments; Upside Feels Seasonal

Credit Suisse maintained Texas Instruments

with a Neutral rating and raised the price target from $32.00 to $35.00. Credit Suisse commented, "Relative to the prior expectations given on 1/22, TXN noted signs of improving business citing (1) stronger booking trends, (2) accumulating backlog for the first time in several quarters and (3) Industrial (HPA and SVA) and Wireless faring better than expectations. Despite the upside to March results, we continue to believe that investors are focused on June - we expect June revenue to be up 8% q/q, roughly in-line with Street at up 7% q/q, but our checks to date suggest limited upside to the June quarter numbers. We modestly raise our TP to $35.00 from $32.00 but remain Neutral as we continue to believe that there are better ways to play the cyclical recovery, favoring companies with more exposure to Infrastructure, Automotive or Industrial (I/A/I) end-markets." Texas Instruments closed at $35.20 on Thursday.