STMicro Continues to Fire on All Cylinders, but Still Overvalued; Raising FVE to $17
STMicro's turnaround story continues, as the firm reported healthy third-quarter results and provided investors with a fourth-quarter forecast that was ahead of our prior expectations. As expected, STMicro remains poised to profit from design wins within Apple's upcoming iPhone X, while broad based chip demand appears to be especially robust in the near term, consistent with commentary from the firm's U.S.-based peers. We will raise our fair value estimate for no-moat STMicro to EUR 15 from EUR ...
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