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STMicro: Berenberg upgrades stock

( - Berenberg has upgrade its rating on the STMicroelectronics share from "sell" to "neutral," having almost quadrupled its corresponding target price from 10 euros to 39 euros, in comments that point to the shortage of chips in the automotive industry that began in late 2020 or early January 2021.

"In order to address this issue, semi chip makers - such as Infineon and STMicroelectronics - are ramping up their capex, while both foundries and chip makers are prioritising auto semi orders," the broker points out.

The broker predicts that the shortage may last until the third or fourth quarter of 2021, in order to give semiconductor manufacturers enough time to secure sufficient manufacturing orders and increase their inventory levels.

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