Bank of America Merrill Lynch Maintains Buy on Texas Instruments

Bank of America Merrill Lynch is out with its report today on Texas Instruments TXN, maintaining Buy. In a note to clients, Bank of America Merrill Lynch writes, "We rate TXN stock a Buy based on expected market share gains in the attractive analog semiconductor market. With its new fabs, TI has a 15% cost advantage over its rivals. The company also has an aggressive share buyback worth 19% of outstanding stock in place. The declines in legacy baseband sales creates headwinds, but is now only 12% of sales and increasingly offset by growth in analog and embedded processing segments." Shares of TXN closed Monday at $31.47, down 0.98% from Friday's close.