Sterne Agee Downgrades Texas Instruments to “Underperform” (TXN)
Due to Texas Instruments Incorporated's ( TXN ) exit from the wireless sector, analysts at Sterne Agee downgraded the company on Monday.
The analysts downgraded TXN from "Neutral" to "Underperform." The firm sees shares of TXN reaching $27, a -12.3% downside from Friday's closing price of $30.80.
Sterne Agee notes that Texas Instruments departure of the wireless segment of its business will result in sales and margins taking a hit in the future.
Texas Instruments shares were down 43 cents, or -1.39%, in premarket trading on Monday.
The Bottom Line
Shares of Texas Instruments ( TXN ) have a 2.73% dividend yield, based on Friday's closing stock price of $30.80. The stock has technical support in the $27-$28 price area. If the shares can firm up, we see overhead resistance around the $31-$32 price levels.
Texas Instruments Incorporated ( TXN ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.