Goldman Sachs analyst Alexander Duval raised the firm’s price target on STMicroelectronics (STM) to $26.50 from $24 and keeps a Neutral rating on the shares. The firm notes the company’s Q2 revenue came in above company-compiled consensus, as higher revenues in Personal Electronics and Industrial were partially offset by a weaker-than-expected Automotive contribution, with EBIT below consensus and impacted by a charge of $190M related to impairments, restructuring and other related phase-out costs. That said, guidance was below consensus given impacts related to EVs in the Automotive segment, amongst other factors.
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