STMICROELECTRONICS: Weakness in auto and industrial offset by content gains in imaging and RF products | BUY | EUR20 vs. EUR19 (+17%)
STMICROELECTRONICS - BUY | EUR20 vs. EUR19 (+17%)Weakness in auto and industrial offset by content gains in imaging and RF products
2019 guidance impacted by a delay in auto and industrial recovery
Short-term sequential growth supported by AMS and MDG
Margins not materially impacted by revised 2019 guidance
We maintain our Buy rating and raise our FV to EUR20
STMicroelectronics is a global independent semiconductor company that designs, develops, manufactures and markets a broad range of semiconductor integrated circuits (“ICs”) and discrete devices. Co. offers a diversified product portfolio and develops products for a wide range of market applications, including automotive products, computer peripherals, telecommunications systems, consumer products, industrial automation and control systems. Within its diversified portfolio, Co. is focused on developing products that leverage its technological strengths in creating customized, system-level solutions with digital and mixed-signal content.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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