Deutsche Bank Has Hold Rating On Texas Instruments

Deutsche Bank is out with a research report on Texas Instruments TXN after it reported earnings last night, and it has a Hold rating and a $35 price target on shares. In a note to clients, Deutsche Bank writes, "TXN delivered solid 2Q results, but lower than expected 3Q guidance to reflect softening macro conditions. This is a notable change from TXN's mid-qtr update when ex-Wireless business conditions were cited as being solid. We expect TXN to manage through this tough patch in its typical efficient manner, but retain our Hold rating and $35 P/T until clarity into the duration of this adjustment becomes more apparent." Shares of TXN lost 31 cents yesterday to close at $31.47.