Gabelli & Co Maintains Buy on Texas Instruments

Gabelli & Co reiterates its Buy rating on Texas Instruments Incorporated (NYSE: TXN) as the company releases weaker than expected 4Q11 mid-quarter guidance.

Gabelli lists the following outlook adjustments: “Revenue: $3.19-3.33bn (mid-point $3.26bn) vs. prior guidance of $3.26 – 3.54bn (mid-point$3.40bn); earnings: $0.21-0.25 (mid-point$0.23) vs. prior guidance of $0.28 – $0.36 (mid-point $0.32, including $0.15. of acquisition cost); consensus: $3.41bn, $0.33. Our prior estimate: $3.37bn, $0.33; Our revised estimate: $3.27bn, $0.24. For comparison, 4Q10 EPS was $0.79, but this is prior to National Semiconductor Acquisition.”

TXN closed at $29.92 per share on Thursday.