Citi reiterated its Buy rating on Texas Instruments (NYSE: TXN). At the same time, Citi reduced its price target on the company's stock from $42 to $40.
In a research report published today, Citi states, "In general, we view TI's mid-quarter as a non-event, leaving our non-Nokia views unchanged and sector outlook unchanged. As such, we expect typical seasonal weakness to dominate near-term chip trading, perhaps exacerbated by the de-risking evident in the market. We look forward to improved conditions for chip shares in 2H11, albeit we continue to favor a stock-picking strategy."
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