UPDATE: Sterne Agee Reiterates Underperform Rating, Raises PT on Texas Instruments on Good Execution

In a report published Tuesday, Sterne Agee analyst Vijay Rakesh reiterated an Underperform rating on

, and raised the price target from $44.00 to $46.00. In the report, Sterne Agee noted, “TXN reported a good JunQ with solid GM with strength from 1) 4G Infrastructure, 2) Automotive, and 3) Industrial. TXN also guided to a strong SepQ with continued strength from Auto+Industrial and also seasonal back-to-school strength. Raising our estimates and PT to $46. We would note commentary on 4G Telecom+Auto +Industrial strength should be positive for both NXPI and CODE, with 4G-Auto +Industrial accounting for 40-50%+ of revenues; both are trading at a 30-40% discount to TXN.” Texas Instruments closed on Monday at $49.17.