The choppy/consolidating (or perhaps worse) market conditions sometimes give the impression that growth plays do not exist, but that is not the case, and one growth company worth reviewing is Texas Instruments.

Texas Instruments (NYSE: TXN) is the world's third largest semiconductor company, with operations in more than 25 countries.

In general, analysts see TXN's revenue increasing 5-8% in 2008, with the company likely to increase its leading market share in the analog segment; a smaller annual revenue increase is expected in the handset digital segment.
Further, analysts say TXN is well positioned to benefit from increasing use of higher-end analog products. Meanwhile, higher plant utilization and a recent restructuring should aid TXN's bottom line. The Reuters F2008/F2009 EPS consensus estimates for TXN are $2.09/$2.31.

The risks? Analysts are keeping an eye on efforts by TXN's largest handset customers to diversify their supplier bases. A sustained slowdown in the global economy would also, obviously, hurt TXN's results.

The First Call mean rating for TXN is: Buy. [34 firms.] Mean 2008 target: $37. [high: $44, low: $26.]

Stock Analysis: Texas Instruments is a moderate-risk stock not suitable for low-risk investors. Investors with an investment horizon longer than 2 years should be rewarded from TXN's shares. Sell / Stop Loss if you were to purchase shares in this company: $17.

Disclosure: Lazzaro has no positions in stocks. In addition to private real estate holdings, he owns corporate and municipal bonds, and cash certificates of deposit.