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SoundView Ups Texas Instruments to 'Outperform'

SoundView upgraded Texas Instruments (TXN) to outperform from neutral.

Analyst Hans Mosesmann says Texas Instruments is the best proxy for the semiconductor industry, which is in a mild, gradual recovery. He's heard signs of solid demand in all geographic locations during the first day of a semiconductor conference. He notes strong demand and low inventory in the PC, consumer, and even wireless industries.

Mosesmann says management indicated that a wireless pickup late in the second quarter has continued both at original design manufacturers and original equipment manufacturers. He notes Asian ODMs are resuming orders alongside inventory accumulation -- showing an optimistic stance toward a return to normal inventory levels.

He upped the $18 target to $24. Mosesmann sees 33 cents 2003 earnings per share, and 66 cents earnings per share in 2004.

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