Cowen analyst Matthew Ramsay raised the firm’s price target on STMicroelectronics to $56 from $50 and keeps an Outperform rating on the shares. The analyst said the quarter was another clean beat/raise as they shrugged off perpetual cyclical concerns. The firm said cyclical concerns will linger, but SiC growth and MCU share gains in auto and industrial are proving powerful.
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Published first on TheFly
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- STMicroelectronics sees FY23 revenue $16.8B-$17.8B, consensus $16.28B
- STMicroelectronics sees Q1 revenue $4.2B, consensus $3.92B