STMicroelectronics N.V. : The low valuation reflects a pessimistic scenario, but one that looks less and less likely
>Outperform rating confirmed, target price raised to € 47 (vs € 42) – 2022 and 2023e EPS raised by an average of 14% - Following the group’s very strong Q2 2022 numbers (Link to our initial comment) and the increase in the 2022 guidance, we are confirming our Outperform rating and raising our target price to € 47 (vs € 42) after revising our EPS up by 16.9% for 2022e and 11.5% for 2023e. While concerns about the slowdown in the cycle remain, we note that (i) growth ex...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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