STMicroelectronics (STM) Falls as Morgan Stanley Cuts To Underweight
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Shares of STMicroelectronics (NYSE: STM) are down over 3% following a Wednesday morning downgrade from Morgan Stanley. Analyst Francois Meunier downgraded STM from Equal-weight to Underweight and raised the price target from EUR 5.25 to EUR 7.00 saying “we think the rally has gone too far.”
Meunier further added: “The key question for investors now is whether recent sales strength reflects a structural improvement or just cyclical tailwinds. We see a bit of both, but valuation has overshot and we downgrade to Underweight.”
Shares of STM are trading down in Wednesday’s premarket session by $0.34 or 3.10% to $10.64
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