STMicro: share price down, broker reduces target
(CercleFinance.com) - STMicro shares are down more than 1% in Paris, as Stifel announced this morning that it was cutting its target for the stock from 46 to 43 euros, to reflect a slower recovery in the industrial sector for the rest of 2024 and weaker automotive activity in 2025.
"Our EPS forecast is down 7% for 2024 and 13% for 2025", says the broker, who now expects growth of only 11% in H2-24 compared with H1-24.
We believe that ST's valuation is attractive and below the sector average. We therefore maintain our Buy recommendation, as we see long-term growth potential", concludes the analyst.
Copyright (c) 2024 CercleFinance.com. All rights reserved.