Goldman Sachs analyst Alexander Duval downgraded STMicroelectronics (STM) to Sell from Neutral with a price target of EUR 31, down from EUR 39. Silicon Carbide, or SiC, is rapidly proliferating as a base material in power semiconductors in battery electric vehicle inverters and he believes that Infineon (IFNNY) and STMicro are both strongly positioned to benefit from a rapid uptake of this new technology, Duval tells investors. However, he cut the stock to Sell given high exposure to weak discretionary consumer market, peers catching up on SiC and risks to FY23 margins, Duval said.
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Published first on TheFly
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