Texas Instruments - Good buy now or should we wait? Message Board

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Technology Stocks : Texas Instruments - Good buy now or should we wait?

TXN 155.00

-2.7%

3:59 PM EST

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To: Ali Husain who wrote (2484)	12/15/1997 9:49:00 AM
From: SteveG	of 6180

TXN lowered to Hold. From H&Q Chaplinsky this AM, who lowered estimates and or rating on the entire semi industry due to "experience a slower than expected recovery in the first half of 1998 based on excess semiconductor capacity, weaker demand in Asia, and slower growth in PC, peripherals, and communication products". TXN, XLNX, INTC, ALTR, and LSI were all adjusted. "..We are lowering our rating on TXN to Hold from Buy and reducing our CY98 and CY99 EPS projections to $2.57 and $3.30 from $2.90 and $3.70 respectively. We now expect March quarter earnings to be down relative to the December quarter based on continued DRAM price erosion, weakness in the mass storage industry, and seasonal softness in demand for wireless products. We expect the ASP erosion and rate of decline in DRAM prices to continue for the next few quarters. Although TXN states that the company has not experienced any slowdown from 3Com, we believe that order rates from 3Com are at risk as COMS pulls down modem inventory in the channels to more reasonable levels. We expect TXN to experience flat wireless chip sales in the March quarter based on a seasonally soft consumer selling season for digital cellular handsets..." Steve

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