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: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.
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