JPMorgan downgraded STMicroelectronics (STM) to Neutral from Overweight with a price target of EUR 30, down from EUR 35. The company has already guided Q1 to be below normal seasonal trends in terms of growth, the analyst tells investors in a research note. The firm says that applying normal seasonal trends to STMicroelectronics revenue would result in company sales declining 14.3% year-over-year. It it forecasting a less aggressive 7.3% decline due to some recovery in industrial end market and the new Apple win.
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