STMicro Provides an Upbeat Q4 Forecast; Raising FVE to $7.50 From $7
STMicro reported solid third-quarter results and provided investors with a relatively upbeat fourth-quarter forecast in which the company indicated less macroeconomic risk than in quarters past. We will slightly raise our fair value estimate to $7.50 per share from $7 (and to EUR 7 from EUR 6 for the firm’s European shares) and maintain our no-moat rating. With shares trading up about 9% above the $8.50 range today, we view ST’s stock as modestly overvalued and would wait for a larger margin of ...
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