Citigroup Reports on Texas Instruments

Citigroup commented on Texas Instruments TXN in a report released yesterday. In the report, Citigroup was positive in its assessment of the company. Citigroup writes, "Wholly attributable to Nokia's share/ASP issues, TI's reduction in guidance is having limited impact on shares (indeed shares have risen in the aftermarket). 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." Citigroup currently has a Buy/Medium Risk rating on Texas Instruments and a price target of $40. Shares of Texas Instruments closed at $32.67 on Wednesday.