TD Cowen analyst Joshua Buchalter lowered the price target on STMicroelectronics (NYSE: STM) to $40.00 (from $50.00) while maintaining a Buy rating.

The analyst commented, "No way around it, ugly 8% miss to 3Q guide resets the model again. Auto modestly down with SiC growth feels doable, but the sharp Industrial correction isn't getting better and implied 4Q guidance still isn't a layup given elevated channel. We believe in ST's earnings power once inventory stabilizes, but it needs a clean quarter, probably two, to rebuild investor confidence. Buy, PT to $40/€37."