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Morgan Stanley Cuts Texas Instruments to 'Equal-Weight'

Morgan Stanley cut Texas Instruments (TXN) to equal-weight from overweight.

Analyst Mark Edelstone says his downgrade reflects softer revenue growth estimates due to a muted economic environment, slower near-term earnings trajectory, and a lower upside stock potential. He says the lower growth estimate coincides with his weaker semiconductor industry outlook. Edelstone notes sluggish non-wireless semiconductor products demand, and disappointing sales and orders due to broad exposure to the personal computer markets.

He cut his $0.33 2002 earnings per share estimate to $0.30, and cut the $0.75 2003 estimate to $0.60. He cut the $45 target to $24. Edelstone sees a rally in semiconductor stocks, however, on better valuations,and thus thinks the downside risk is limited.

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