mid-quarter update today will be closely monitored by investors searching for further signs of
in the semiconductor industry.
The chipmaker, which competes with
, will provide an update on its financial performance after the market closes.
Last week shares of
after the company
Wall Street's third-quarter estimates. This came hot on the heels of
Opinions, though, have been
on Texas Instruments.
Jim Cramer, for example, recently dismissed Bank of America/Merrill's downgrade of the chipmaker on demand concerns and gave the company a 'hold' rating.
Analyst firm Broadpoint AmTech, however, is more bullish on the company's prospects and maintained its 'buy' rating in a note released earlier this week.
"Texas Instruments remains one of the best present large-cap semiconductor investment opportunities," wrote Doug Freedman, pointing to the company's margin expansion, rich product mix, and a rebound in its distributor channel.
The silicon specialist
Wall Street's third-quarter estimates, boosted by sales of its analog products.
, which also reported good third-quarter
, Texas Instruments is seen as a
for the tech sector. The company provides core components for mobile phones and other electronic devices.
Wall Street expects the chipmaker to post revenue of $2.93 billion and earn 47 cents a share when it reports its fourth-quarter results in January. Texas Instruments predicts sales between $2.78 billion and $3.02 billion, although Broadpoint expects the silicon specialist to tighten its range towards the upper end of its guidance.
This is largely driven by the ongoing recovery in the industrial market and better than expected demand in consumer," explained Freedman. "We believe the stock will continue to work over time to our $32 price target."
Shares of Texas Instruments dipped 26 cents, or 0.98%, to $26.36, mirroring the broader trend in tech stocks that saw the Nasdaq fall 0.75%.
-- Reported by James Rogers in New York