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10.26.10, 09:16 AM EDT
NEW YORK -- Analysts were generally upbeat about Texas Instruments Inc.'s third-quarter results, even as the company expressed some caution heading into next year due to ongoing weakness in consumer demand for products that use its chips.
The chip maker posted a 60 percent jump in its net income on Monday as post-recession demand boosted sales, but the company said consumer demand cooled during the quarter and remains tepid in the current period. This outlook echoes that of other chip makers, including Intel Corp. ( INTC), which also expects sales to moderate in the fourth quarter.
FBR analyst Craig Berger called the quarter's results and guidance "robust," and said they confirm his view that the chip industry is experiencing a "soft landing" as shipments align with lower consumption rates.
"Stepping back, we remain constructive on TXN since it is building barriers and competitive advantages with its leading analog market share.unmatched manufacturing and product development scale, large sales force, and portfolio cross-selling capabilities," Berger wrote in a note to investors. He kept an "Outperform" rating on the company's shares.
Jefferies analyst Adam Benjamin raised his target price on TI to $35 from $29, saying he thinks the stock is undervalued and the company is in a good position to use its "significant" fab, or factory capacity, to gain more market share in the analog and embedded chip markets.
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Ahead of the Bell: Texas Instruments - Forbes.com
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NEW YORK -- Analysts were generally upbeat about Texas Instruments Inc.'s third-quarter results, even as the company expressed some caution heading into next year due to ongoing weakness in consumer demand for products that use its chips.
The chip maker posted a 60 percent jump in its net income on Monday as post-recession demand boosted sales, but the company said consumer demand cooled during the quarter and remains tepid in the current period. This outlook echoes that of other chip makers, including Intel Corp. ( INTC), which also expects sales to moderate in the fourth quarter.
FBR analyst Craig Berger called the quarter's results and guidance "robust," and said they confirm his view that the chip industry is experiencing a "soft landing" as shipments align with lower consumption rates.
"Stepping back, we remain constructive on TXN since it is building barriers and competitive advantages with its leading analog market share.unmatched manufacturing and product development scale, large sales force, and portfolio cross-selling capabilities," Berger wrote in a note to investors. He kept an "Outperform" rating on the company's shares.
Jefferies analyst Adam Benjamin raised his target price on TI to $35 from $29, saying he thinks the stock is undervalued and the company is in a good position to use its "significant" fab, or factory capacity, to gain more market share in the analog and embedded chip markets.
....
Ahead of the Bell: Texas Instruments - Forbes.com
.