STMicroelectronics price target lowered to EUR 60 from EUR 70 at Citi

Citi analyst Andrew Gardiner lowered the firm’s price target on STMicroelectronics to EUR 60 from EUR 70 and keeps a Buy rating on the shares. The company has faced a deterioration in demand in recent weeks that led it to cut its 2024 revenue and margin outlook materially, the analyst tells investors in a research note. The firm, however, thinks this is the final cut.