UPDATE: Williams Financial Group Lowers PT on Texas Instruments to $35

Williams Financial Group reiterated a Buy rating on Texas Instruments (NASDAQ: TXN) and lowered its price target from $40 to $35.

Williams Financial Group noted, “Texas Instruments (TXN, Buy, $26.82) Consistent with what we've heard from the vast majority of chip companies thus far into earnings season, TI saw order strength in April and May, turn substantially weaker in June and continue thus far in July. The order softness looks to be broad-based, driven by customer fears of a global economic slowdown. We don't see any of this as TI specific. As with most firms, TI is seeing small pockets of strength offset by a general decline in customer optimism and willingness to hold very small inventory buffers.”

Texas Instruments closed at $26.82 on Monday.