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CS First Boston Keeps Outperform on Texas Instruments

Texas Instruments (TXN) lowered its third-quarter revenue guidance from a range of $3.2 billion to $3.44 billion to $3.1 billion to $3.24 billion. CS First Boston kept its outperform rating on the shares.

Analyst Michael Masdea says the company cited broad-based order weakness. He believes rapid adjustments in the chip maker's supply chain and more capital discipline will result in a more muted, lower beta downturn. He says rationalization of expectations is beginning, in which semiconductor stocks typically bottom, then start to resume.

Masdea trimmed his earnings per share forecasts from $1.00 for 2004 to 99 cents, and from $1.25 for 2005 to $1.10. However, given an attractive valuation, strong product cycles, and high barriers, he still thinks the company will outgrow the industry in lower-beta 2005. He says Texas Instruments shares remains one of his top long-term picks. He has a $30 12-month target price on the stock.

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