Shares of Texas Instruments Inc. are down 1.5% in premarket trading Monday, after Bernstein analyst Stacy Rasgon downgraded the stock to market perform from outperform. He also cut his rating on Analog Devices Inc. shares to market perform from outperform. "Overall we are growing increasingly nervous about the set-up for the industry into the 2H (with inventories remaining elevated, expectations higher, and valuations less favorable)," Rasgon wrote. Texas Instruments and Analog Devices are "more broadly exposed, and more expensive" relative to the other semiconductor names that Rasgon covers. Though he said that Texas Instruments' numbers look "unaggressive," he sees potential for gross-margin headwinds. On Analog Devices, Rasgon argued that " while the company may be able to grind some more growth out of the comm story, it seems to be expected at this point." Analog Devices shares are off 1.3% in premarket trading Monday, and they've soared 34% over the past three months. Texas Instruments shares have risen 25% in that time, while the S&P 500 has climbed 19%.