STMicroelectronics N.V. : Inventory corrections helping to test the strength of the model, pending the recovery in H2, low valuation, we remain positive
>Downgrade to our forecasts of 17% to reflect the new scenario for 2024 and our target price of € 50 (vs € 55), but we are still on Outperform - Based on Q4 2023 earnings that fell slightly short of expectations (except for EPS, due to an absence of tax), and Q1 2024 and 2024 guidance well below expectations, due to the deepening of the inventory correction in the industrial segment and the dramatic adjustment for MobileEye, we have reduced our forecasts by 17% on ave...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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