STMicroelectronics N.V. : A realistic message on the weakening in the industry segment, but the situation appears to be under control and the valuation remains very low
>Outperform reiterated, target price lowered to € 58 (vs € 64) based on more reasonable forecasts for 2024 - Following the publication of Q3 2023 results that beat forecasts but guidance for Q4 that is a shade below, due to the beginning of a weakening in the industrial segment in China, we reiterate our Outperform recommendation, but have adjusted down our target price to € 58 vs € 64. We have revised down our forecast for EPS by 1% for 2023 to reflect this weakness ...STMicroelectronics is a global independent semiconductor company that designs, develops, manufactures and markets a broad range of semiconductor integrated circuits (“ICs”) and discrete devices. Co. offers a diversified product portfolio and develops products for a wide range of market applications, including automotive products, computer peripherals, telecommunications systems, consumer products, industrial automation and control systems. Within its diversified portfolio, Co. is focused on developing products that leverage its technological strengths in creating customized, system-level solutions with digital and mixed-signal content.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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