Texas Instruments price target raised to $175 from $155 at Citi

Citi analyst Christopher Danely raised the firm’s price target on Texas Instruments to $175 from $155 and keeps a Neutral rating on the shares. Though Danely expects consensus estimates for the U.S. semiconductors group to further decline during earnings season driven by continued downside from the PC, wireless, consumer and auto end markets, he thinks the industrial end market appears to be holding up better than expected. However, he expects a correction in the data center and industrial end markets during the first half of this year, given the recession, Danely noted. He is hopeful that semiconductor stocks will bottom in the first half "after every company has aggressively cut estimates," the analyst said.