Berenberg upgraded STMicroelectronics to Buy from Hold with a price target of EUR 49, down from EUR 53. The semiconductors market us “not too far from recovery,” the analyst tells investors in a research note. The firm says the negative industry end market trend is now priced into shares and concerns about Chinese auto semiconductor localization are overdone. Also, auto semi content growth should continue, driven by vehicle digitization, contends Berenberg.
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