After digesting Texas Instruments' (NASDAQ:TXN) latest quarterly results and guidance, Wall Street is getting closer to the belief that a bottom in the analog market is around the corner, but it's not here just yet.

Texas Instruments Inc. shares declined the most in nearly five years after the chipmaker gave a disappointing earnings forecast for the current period, hurt by still-sluggish demand and higher manufacturing costs.

Texas Instruments forecast first-quarter profit below analysts' estimates on Thursday, as the analog chipmaker grapples with an inventory buildup in its key automotive and industrial markets.