Jefferies upgraded STMicroelectronics to Hold from Underperform with a price target of EUR 46, up from EUR 33. The European semiconductor sector has entered a new upcycle, which will result in “material further re-rating and strong” earnings growth over the next two years, the analyst tells investors. The firm expects growth rates of global semiconductor revenue to move into positive territory by early 2024, and to further accelerate to a cycle peak in the first half of 2025.
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