Bernstein analyst Sara Russo raised the firm’s price target on STMicroelectronics to $54 from $50 and keeps an Outperform rating on the shares. It was STMicroelectronics’ turn for the 2024 transition year reset, the firm says. Auto is still expected to grow and consumer shows signs of recovery, but increasing weakness in industrial led to a USD 1B range for 2024 guidance, Bernstein points out. With the softer 2024 guide, the firm believes the USD 20B top line now looks more likely to be a 2027 story. Bernstein sees this as a re-set for STMicroelectronics, and continues to like auto and industrial exposure as it looks towards 2025 and beyond.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on STM:
- STMicroelectronics price target lowered to EUR 50 from EUR 54 at Deutsche Bank
- STMicroelectronics downgraded to Equal Weight from Overweight at Barclays
- STMicroelectronics price target lowered to $48 from $50 at Craig-Hallum
- STMicroelectronics sees Q1 revenue $3.6B, consensus $4.11B
- STMicroelectronics reports Q4 EPS $1.14, consensus 95c
