STMicroelectronics N.V. : We remain positive, despite yesterday's reaction, cautious consensus for 2023 and a very attractive valuation
>Market’s “numerous concerns” excessive, in our view, and we therefore reiterate our Outperform rating, € 45 vs € 44 - The share price fell sharply following yesterday’s Q3 22 results publication, that beat forecasts, and guidance for Q4 that was broadly in line (non-exhaustive list of concerns heard yesterday): 1/ Q4 guidance does not exceed forecasts, 2/ slight erosion of the gross margin in Q4 vs Q3 (taken as a warning sign for a collapse in margins), 3/ comments o...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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