SoundView Ups Texas Instruments to 'Outperform'

Analyst Hans Mosesmann says he's heard signs of solid demand for chips in all geographic locations

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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