ST Seeks to Power Through Latest Chip Industry Slowdown; Maintain $22 FVE
STMicro reported mildly disappointing first-quarter results and provided investors with a predictably soft second-quarter forecast in light of the ongoing chip industry downturn. However, ST provided relatively bullish revenue guidance for all of 2019 that was ahead of our prior expectations and implies strong sequential growth in the second half of the year. The two main programs that may move the needle for ST appear to be rising chip content in Apple's next generation of iPhones and silicon c...
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