TI - Wireless Weighs on Outlook; Reiterate Sell

We believe handset demand in China has recently weakened, and competition in the analog vertical is increasing. Both of these negatives, when combined with likely increasing wireless market share pressures in 2008, prompt us to expect further negative estimate revisions and maintain our SELL rating on TXN...Our price target is lowered from $26 to $25. TXN's price target of $25 is 13x our C2008 EPS estimate of $1.93. This is a discount to a 15.1x multiple for our coverage universe.