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.

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