STMicro Remains Poised to Prosper in the Second Half of 2017; Raising FVE to $14 from $12
STMicro reported second-quarter results and provided investors with a third-quarter outlook that were largely in line with our expectations. The company remains on the right track on the revenue growth and gross margin fronts, and we are modestly more optimistic about the firm's ability to reach 40% gross margins in the long term, ahead of management's current target. We will raise our fair value estimate for STMicro's U.S. ADR to $14 from $12 as well as the firm's European shares from EUR 12 to...
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