Texas Instruments (TXN) added to its 3% gain today, edging higher after hours on positive analyst sentiment.
Credit Suisse analyst John Pitzer upgraded shares of the Dallas-based chip maker to “Outperform” from “Neutral,” and increased his target price by $8 to $32, noting that the Street may be overly concerned with the cyclical nature of the company�s contracts.
�We do not expect order cancellations even as lead times are reduced,” Pitzer wrote in the research note this afternoon.
In March, Texas Instruments raised its earnings guidance for the current quarter, based on the strength of new orders.
However, Pitzer was not the only analyst to be bullish on the stock today. Williams Financial Group’s Cody Acree also published a positive note, reiterating his call that the company should be a �strong core holding.�
After hours, the stock gained 7 cents, or 0.3%, to a recent $25.76.
–Teresa Rivas, Barrons.com
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