Ahead Of The Bell: National Semiconductor

NEW YORK (AP) — Analysts split over National Semiconductor Corp.'s fiscal first-quarter results, with some expecting a further snapback in sales and others expressing doubts.

"The magnitude of National's revenue decline is worse than most peers," FBR Capital Markets analyst Craig Berger told clients in a note.

He said that means chip maker is either due for a greater rebound or losing market share to competitors. And "National may indeed be losing market share, having grown its wireless revenues only 7 percent" from the quarter before, Berger added. He kept his "Market Perform" rating on the stock.

But Deutsche Bank analyst Ross Seymore disagreed. "We do not believe (National Semiconductor) has lost sufficient market share to explain the (gap)," he said.

Seymore reiterated a "Buy" rating given the "potential for continued revenue 'snapback'" and raised his price target to $20 from $17.

National Semiconductor, based in Santa Clara, Calif., reported earnings late Thursday, topping Wall Street expectations. Earnings came to 13 cents per share, with sales down 32 percent year-over-year to $314.4 million. Analysts expected 7 cents per share on sales of $300.5 million, according to Thomson Reuters.

Nevertheless, the company's stock ticked lower ahead of regular trading Friday, slipping 27 cents to $15.70.