Sterne Agee has published a report on Texas Instruments TXN at the quarter.
In the report, Sterne Agee wrote, "TXN reported C2Q11 (Jun) revenues/EPS of $3.46B/$0.56 versus consensus of $3.44B/$0.54. Book: Bill in the quarter was 1.04. TXN continuing to see some weakness in Japan and continued drag with Automotive. TXN communications infrastructure segment seeing strong growth of up 12% q/q. Wireless revenue was down 15% q/q as TXN lowered exposure along with its key Wireless customer Nokia (NOK, $5.72, NR). Orders were flat q/q at $3.6B. TXN also repurchased 13.0M shares in the quarter. In Gross Margins and Channel Inventory: C2Q11. Gross margins were impacted by under loading and supply issues in Japan. TXN also saying channel inventory at OEM and distribution at normal levels."
Sterne Agee rated Texas Instruments a BUY with a price target of $40.00. Texas Instruments closed Monday at $31.47.
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