Citadel Securities in a note on the company’s earnings said there is little remaining in the way of the completion of Texas Instruments’ announced acquisition of National Semiconductor.

“However, we think TI’s view that reversing National’s fortunes, once acquired, will largely be a function of adopting a different commercial posture (i.e., more flexible pricing) is somewhat overstated,” the analysts wrote.

Semiconductor HOLDRS

Gregory A. Clay contributed to this article.