* Sees Q4 shr $0.47-$0.51 vs Wall St view $0.47

* Sees Q4 rev $2.9 bln-$3.02 bln, Street view $2.925 bln

* TI shares fall after NYSE close of $26.33

NEW YORK - Texas Instruments Inc on Tuesday raised its fourth-quarter earnings target and said revenue would be at the high end of its forecast range, but its shares fell almost 2 percent as some investors had even higher expectations.

While the company's new earnings target was ahead of Wall Street expectations, its revenue outlook disappointed investors who had pushed up its share price more than 12 percent since late October in hopes of improving demand.

The revenue wasn't high enough for what people had expected, said Needham & Co analyst Vernon Essi, even as he described the revenue as healthy and the earnings forecast as encouraging. The fact they didn't raise the upper end of the revenue range is the most important point here.

TI forecast revenue of $2.9 billion to $3.02 billion, which compared with its previous expectation for a range of $2.78 billion to $3.02 billion and analysts' expectations for revenue of $2.925 billion, according to Thomson Reuters I/B/E/S.

TI said it now expects earnings per share of 47 cents to 51 cents for the current quarter, compared with its previous target of 42 cents to 50 cents issued on Oct. 19.

This was ahead of Wall Street expectations for earnings of 47 cents a share.

A better-than-expected quarterly report from rivals such as Analog Devices (ADI.N) for its quarter ended in October, had helped fuel expectations for a strong fourth quarter.

TI shares fell 1.7 percent to $25.86 in after-hours trade. The stock had closed down 29 cents, or 1 percent, at $26.33 in regular New York Stock Exchange trade on Tuesday.

(Reporting by Sinead Carew; Editing by Richard Chang)