TI CFO: Economy No Real Cause For Concern

Analysts, however, feel that Texas Instruments faces an uphill struggle during the coming months.

"Growth is likely to remain slow in the back half of the year due to a lack of seasonality for PCs and handsets, exacerbated by inventory growth for analog ICs Integrated Circuits in the Asian distribution channel exiting Q2," explained Canaccord Genuity analyst Bobby Burleson, in a note released on Thursday.

Burleson, who has a hold rating on Texas Instruments, lowered his 12-month price target to $28 from $32 on the stock.

Nomura Equity Research, which has a neutral rating on TI, also cut its price target, going to $30 from $32. Texas Instruments' third-quarter outlook is worse than peers such as Intel and logic chip maker Xilinx(XLNX) , according to Nomura analyst Romit Shah.

--Written by James Rogers in New York.

Follow @jamesjrogers

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