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Salomon Keeps 'Buy' on Texas Instruments

Salomon Smith Barney keeps it buy rating on Texas Instruments (TXN).

Analyst Jonathan Joseph says first quarter results were in line with estimates, citing strong demand for wireless digital signal processing and broadline analog. Also, Joseph cited impressive order trends, with analog orders up 30%, and overall semiconductor equipment orders up 18% quarter over quarter. He says the company's corporate business-to-business is solidly above 1.0 -- paving the way for 10% second quarter revenue growth.

Joseph says Texas Instruments is confident it is seeing the early stages of a cyclical recovery in wireless handsets and personal computing, although telecom equipment remains weak. He upped his $0.03 second quarter earnings per share to $0.07, and upped the $0.20 2002 estimate to $0.32. He sees $0.80 for 2003, and $1.60 in 2004./B

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