J.P. Morgan Reiterates Overweight on Texas Instruments

J.P. Morgan is out with its report today on Texas Instruments TXN, reiterating Overweight. In a note to clients, J.P. Morgan writes, "We are maintaining our December 2011 price target of $44.00, or 15.4X C12E EPS, slightly above the mid point of its historic range, and slightly above the S&P multiple of 14.0X. We still believe 2H11 upside is likely driven by seasonal strength coupled with inventory replenishment as the entire shortfall was due to Nokia. As a result, we are reiterating our Overweight rating on TXN due to upside to Consensus estimates." At the time of posting, shares of TXN were trading pre-market at $32.65, down 0.06% from Wednesday's close.