STMicroelectronics Undervalued, Reports Solid 3Q Results Despite China Weakness; Maintain $22 FVE
STMicroelectronics reported solid third-quarter results and provided investors with a fourth-quarter forecast that was relatively more bullish than the outlook provided by U.S. rival Texas Instruments but still pointed to soft chip demand in China. Whereas Texas Instruments essentially called for the top of the latest chip cycle in its December quarterly outlook, STMicro's forecast wasn't as downbeat for next quarter but we still think a slowdown is on the horizon for the company and its peers. ...
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