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STMicroelectronics price target raised to $55 from $50 at Craig-Hallum
The Fly

STMicroelectronics price target raised to $55 from $50 at Craig-Hallum

Craig-Hallum analyst Anthony Stoss raised the firm’s price target on STMicroelectronics (STM) to $55 from $50 and keeps a Buy rating on the shares. The firm notes that STMicroelectronics is in a rare group of companies that are beating and guiding well above the Street. The company guided full year 2023 revenues nearly $1 billion above the Street on continued SiC growth and strong Auto/Industrial revenue growth, including an expected loss of share at Apple (AAPL) for Q3 2023 new phone launch. Craig-Hallum continues to think STMicroelectronics is one of the best ways to play SiC for EVs.

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