BofA analyst Didier Scemama noted ON Semiconductor’s (ON) CEO commented on the company’s Q4 call that they had won Tesla (TSLA) as a customer for their silicon carbide, or SiC, chip business. Until now and "to the best of our knowledge," STMicroelectronics (STM) were sole supplier of SiC chips and modules to Tesla for their traction inverter, said the firm, which added that this news "comes as no surprise" given Tesla has historically dual-sourced IGBT modules. Following the confirmation, the firm maintains its estimates and reiterates its Buy, top pick rating on STMicro with unchanged price target of EUR 71 on the shares.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on STM:
- Gridspertise and STMicroelectronics build on 20-year collaboration to empower active smart-meter customers in the U.S. and other geographies
- STMicroelectronics Announces Status of Common Share Repurchase Program
- STMicroelectronics price target raised to EUR 45 from EUR 37 at Berenberg
- STMicroelectronics price target raised to EUR 45 from EUR 36 at Morgan Stanley
- STMicroelectronics price target raised to EUR 52 from EUR 45 at Deutsche Bank