Baird Upgrades STMicroelectronics (STM) to Outperform
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Baird upgraded STMicroelectronics (NYSE: STM) from Neutral to Outperform with a price target of $11.00 (from $7.00).
Analyst Tristan Gerra commented, "Upgrading to Outperform on the basis of a sequential reacceleration in EPS, restructuring savings, market share gains, and positive 3Q outlook. STMicro is gaining market share in MCUs, MEMS, and imaging. Gross margin catalysts include lower depreciation, unused capacity charges, manufacturing efficiencies, and currency, along with a rebounding top line."
Shares of STMicroelectronics closed at $8.31 yesterday.
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