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STMicro: Stifel maintains buy rating, adjusts target price

( - Stifel reinstates its "buy" rating on STMicroelectronics shares, nudging up its target price for them from 58 euros to 60 euros, judging the stock's valuation "attractive and significantly below the peer average", at a P/E of c.
11x 2023E.

The broker has raised its estimates (+14% for 2023 and +2% for 2024 on EPS) after a reassuringly stable gross margin, as indicated for 2023, with a Q4 publication deemed convincing.

"The strong execution on its order backlog with further revenue growth indicated for the recession year 2023 confirms strong industry outperformance from ST also in the current year," it believes.

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