STMicroelectronics: UBS downgrades rating
(CercleFinance.com) - UBS has downgraded its rating on the STMicroelectronics share from "buy" to "neutral," even though it has raised its corresponding target price from 31.
5 euros to 35 euros, which suggests limited upside potential of 4% for the semiconductor maker's stock.
While the broker says, "We continue to see good earnings momentum ahead for STMicro", it also underlines the sector's current valuation, which leads it to downgrade its "buy" rating on the Franco-Italian group's share.
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