STMicroelectronics Calls for a Bright 2017 as the Turnaround Story Continues; Raising Fair Value
STMicro reported solid fourth-quarter earnings and strong gross margin expansion beyond our prior expectations but, more important, gave investors a bright outlook for its first quarter and the second half of 2017 based on a new design win that we suspect was obtained within Apple's upcoming iPhone. We will raise our fair value estimates for ST to $9 per U.S. ADR and EUR 8.50 per share and maintain our no-moat rating, but we still view shares as fundamentally overvalued.ST's revenue in the Dece...
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