Texas Instruments Releases Mid-Quarter Revision, Citi Lowers Target Price (TXN)

Citi analysts Glen Yeung and Sidney Ho changed the target price for Texas Instruments (NYSE: TXN) from $32 to $31. Citi rates TXN at Buy/Medium Risk.

Texas Instruments provided a mid-quarter update on 6/8, tightening its 2Q10 outlook from $3.31B-3.59B to $3.45B-$3.59B.

The analysts think that chip stocks are poised to recover in 2H10, but still favor ALTR, INTC and MRVL over TXN.