I'm not going to say that every part of the semiconductor space is back
on track, but the earnings and guidance that coming suggests that things
are getting better outside of consumer electronics and PCs. That's good
news for Texas Instruments (NYSE:TXN),
particularly as the company is seeing stronger conditions in industrial
and auto markets and better margins in the wake of moving on from
wireless. Although the stock does not look cheap on a cash flow basis, I
do believe the company's margin leverage, and subsequent improvements
in ROE, are likely to send the shares higher over the next 12 to 24 months.
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