Jefferies Maintains Buy on Texas Instruments

Jefferies is out with its report today on Texas Instruments TXN, maintaining Buy. In a note to clients, Jefferies writes, "After posting a slight beat to its lowered 2Q11 expectations, TXN guided 3Q11 revenue and EPS below consensus by 2% and 6%, respectively, consistent with our downward revision thesis. Our below street revenue estimates stay stable, but our EPS estimates go up based on lower shares and better taxes. Our share gain and gross margin expansion thesis remain intact, and we remain buyers of the stock. Our price target remains $38." Shares of TXN closed Monday at $31.47, down 0.98% from Friday's close.