Barclays lowered the firm’s price target on STMicroelectronics to EUR 28 from EUR 34 and keeps an Equal Weight rating on the shares. The firm updated estimates for its European technology hardware and semiconductors coverage ahead of the Q3 reports. TSMC is its preferred name and Barclays would continue to buy ASML and BE Semiconductor on any weakness. The firm expects further cuts to consensus estimates for Infineon and STM. It also prefers Ericsson to Nokia into the quarter in telecom equipment.
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