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STMicro: Oddo confirms rating before results

( - STMicroelectronics will report its Q4 results before the market opens on Thursday.

Before this annoucement, Oddo is maintaining its buy rating on the stock, along with its target price of 20 euros.

We therefore think that it is logical that the group will announce results that are in the lower side of its guidance range. The consensus provided by STM expects revenues of 2,625 million dollars, meaning sequential growth of 4%. Oddo expects 2,640 million dollars. STM has also forecast a gross margin of 39.8% (+/- 2 points), against the consensus of 39.7%, while we expect 39.8%, Oddo says.

It should be remembered that the stock fell has fallen by 50%, vs. 20% for the SOXX, which makes It one of the cheapest stocks in its industry, while the group's outlook has improved structurally (products with better margins, more concentrated, position in top 3 of segment) and that the broker thinks that the group has ability to better protect its margins than in the past (> 10% vs. losses in the past).

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