(CercleFinance.com) – STMicroelectronics fell by 3% and is thus the red lantern of the CAC40, against a backdrop of a downgrade of recommendation at Barclays from ‘overweight’ to ‘weight in line’, with a price target reduced from 50 at 46 euros.
‘We still like the medium-term investment case for STMicro, but we struggle in the short term, as we are below consensus and the valuation is not sufficient support at this stage,’ says the broker.
Furthermore, while it maintains its ‘outperformance’ opinion on the title of the semiconductor manufacturer, Oddo BHF lowers its price target from 55 to 50 euros, the day after fourth quarter results came out slightly below expectations.