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.