STMicro: Credit Suisse adjusts targe price
(CercleFinance.com) - Credit Suisse has raised its forecasts for sales and EPS by 1% and 2% respectively for 2020, to reflect the recovery in the smartphone and automotive sectors.
It has, however, reduced its EPS estimates by 7% for 2021 (sales unchanged), due to FX factors (strength of EUR/USD parity).
"We now model EPS of $0.89/$1.43 in 2020/21 (vs. $0.87/$1.54 previously)"..
Analysts have reduced their target price for the share to 28.5 euros (down from 30.0 euros), although have confirmed their buy rating on the share.
"For Q3, we model sales of $2.49bn (+19% qoq)... For EBIT, we model $268mn (10.8% margin) implying net opex (incl. R&D grants) of $637m," Crédit Suisse said.
"For Q4, we model sales of $2.70bn (+8% qoq) driving 2020 to $9.51bn," it adds.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
It has, however, reduced its EPS estimates by 7% for 2021 (sales unchanged), due to FX factors (strength of EUR/USD parity).
"We now model EPS of $0.89/$1.43 in 2020/21 (vs. $0.87/$1.54 previously)"..
Analysts have reduced their target price for the share to 28.5 euros (down from 30.0 euros), although have confirmed their buy rating on the share.
"For Q3, we model sales of $2.49bn (+19% qoq)... For EBIT, we model $268mn (10.8% margin) implying net opex (incl. R&D grants) of $637m," Crédit Suisse said.
"For Q4, we model sales of $2.70bn (+8% qoq) driving 2020 to $9.51bn," it adds.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.