RESEARCH ALERT-UBS Warburg cuts Texas Instruments estimate
Thursday August 29, 12:00 pm ET
biz.yahoo.com
NEW YORK, Aug 29 (Reuters) - UBS Warburg on Thursday said it lowered its estimate for Texas Instruments Inc. (NYSE:TXN - News) earnings for 2003 and 2004 and cut its price target due to decreased semiconductor industry growth forecasts.
Texas Instruments makes digital signal processors, which are used in the telecommunications industry, primarily in mobile phones. Demand for its products has been hurt amid the worst downturn in the semiconductor industry on record.
UBS Warburg said its new price target for the company's shares is $27, down from $39. Shares were off 3 percent, or 64 cents, at $19.61 on the New York Stock Exchange Thursday morning.
UBS said it sees Texas Instruments' calendar 2003 sales at $10.2 billion, down from $10.6 billion, and earnings at 73 cents per share, down from a previous estimate of 83 cents per share.
It sees calendar 2004 sales at $12 billion, down from $12.7 billion, with earnings at $1.17 per share, down from its previous estimate of $1.31 per share. UBS rates the stock a "buy." |
