STMicro's Analyst Day Touts Nice Progress, but Shares Remain Overvalued; Maintain $12 FVE
STMicro hosted its traditional Analyst Day, and while we remain fond of the firm's turnaround and growth opportunities on the horizon, we still view the firm as overvalued. In particular, the firm cited a 2017 revenue target in the $8 billion range (plus or minus 1.5%) and 10% operating margin target for the second half of fiscal 2017, both of which were in line with, if not lower than, our prior expectations for the firm and likely explained the 2% decline in shares on Thursday. We suspect that...
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