Susquehanna analyst Christopher Rolland raised the firm’s price target on STMicroelectronics to $55 from $50 and keeps a Positive rating on the shares. The analyst said STM posted generally in-line 4Q results, but better 1Q guidance as demand for Auto and Industrial helped. The firm also noted management suggested their backlog entering 2023 was higher than it was entering 2022.
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Published first on TheFly
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Read More on STM:
- Semiconductor ETFs Gain Thanks to Strong Earnings Results
- STMicroelectronics price target raised to $55 from $50 at Craig-Hallum
- STMicroelectronics sees FY23 revenue $16.8B-$17.8B, consensus $16.28B
- STMicroelectronics sees Q1 revenue $4.2B, consensus $3.92B
- STMicroelectronics reports Q4 EPS $1.32, consensus $1.13