Citi reiterated its Buy rating on Texas Instruments TXN. At the same time, Citi reduced its price target on the company's stock from $42 to $40.
In a research report published today, Citi states, "In general, we view TI's mid-quarter as a non-event, leaving our non-Nokia
views unchanged and sector outlook unchanged. As such, we expect typical seasonal
weakness to dominate near-term chip trading, perhaps exacerbated by the de-risking
evident in the market. We look forward to improved conditions for chip shares in 2H11,
albeit we continue to favor a stock-picking strategy."
On Wednesday, Texas Instruments lost 1.8% of its value to close the day at $32.67. Its shares regained some of its yesterday's losses in today's pre-market trading, however, rising 0.37% to $32.79.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsCitiInformation TechnologySemiconductorstexas instruments
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