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Morgan Stanley Raises Texas Instruments to 'Strong Buy'

Morgan Stanley upgraded Texas Instruments (TXN) to strong buy from outperform.

Analyst Mark Edelstone upgraded after the company reported solid Q4 results. Texas Instruments posted an operating loss of $0.06 per share vs. $0.31 EPS. He believes Texas Instruments is well positioned to deliver positive revenue and EPS surprises going forward. He raised his breakeven 2002 estimate to $0.20 EPS and sees $0.60 2003 EPS Edelstone also raised his $40 12-month target to $45, assuming investors will use the 2003 EPS potential to value the stock.

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