UPDATE: Sterne Agee Raises PT on Texas Instruments on Mid-Quarter Update Results

In a report published on Monday, Sterne Agee analyst Vijay Rakesh raised the price target on

from $30 to $31 and maintained a rating of Underperform. In the report, Sterne Agee stated, "TXN's JuneQ mid-quarter update tightened its guide to the midpoint. We should note that while its key industrial segment is improving q/q into JunQ, its recovery continues to lag peers, with 1H13/2H12 revenues growing 3%, well below peer industrial growth of ADI growing 1H13/2H12 at ~8.2% (almost 2x TXN)." Texas Instruments closed on Monday at $36.62.