Analysts, however, feel that Texas Instruments faces an uphill struggle during the coming months.
"Growth is likely to remain slow in the back half of the year due to a lack of seasonality for PCs and handsets, exacerbated by inventory growth for analog ICs [Integrated Circuits] in the Asian distribution channel exiting Q2," explained Canaccord Genuity analyst Bobby Burleson, in a note released on Thursday.
Burleson, who has a hold rating on Texas Instruments, lowered his 12-month price target to $28 from $32 on the stock.
Nomura Equity Research, which has a neutral rating on TI, also cut its price target, going to $30 from $32. Texas Instruments' third-quarter outlook is worse than peers such as Intel and logic chip maker Xilinx (XLNX), according to Nomura analyst Romit Shah.--Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: email@example.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV