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STMicro: Credit Suisse raises target price

( - Credit Suisse confirms its buy rating on the STMicro share and has raised its corresponding target price to 28 euros (from 25.
50 euros).

"We keep our 2020 estimates largely unchanged, but raise 2021 sales/EPS forecasts by 1%/3%," the broker said.

"We lower Auto related sales by 1% for 2021 (slower pace of EU recovery), while increasing Sensor and MCU related sales by 2% and 1% owing to ongoing recovery in consumer electronics," it adds.

"Our 2020/2021 EBIT is 5%/4% above consensus".

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