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
(XLNX - Get Report)
, according to Nomura analyst Romit Shah.
Written by James Rogers in New York.
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