Bank of America Merrill Lynch Preview on Texas Instruments

Bank of America Merrill Lynch published a report Wednesday on Texas Instruments TXN. In the report, 2Q results were expected inline with the mid-qtr update. Bank of America Merrill Lynch commented, "Given TI's diverse end-market exposure across mobile handsets, computing, communications infrastructure, industrial etc. we expect TI to provide crucial color on the demand impact to the broader semiconductor industry from the weakening macro backdrop (slower GDP growth, weak consumer demand, sovereign debt crisis, Japan earthquake)." The report anticipated that Texas Instruments would reveal a long term strategy with its processors for tablets and smartphones. Texas Instruments was given a price objective of $39.00 and a rating of Buy. Texas Instruments closed at $32.44 and so far has stayed level since open today at $31.25.