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STMicro: still a buyer, Credit Suisse targets 19 euros

( - This morning Credit Suisse examines STMicroelectronics, the day after the group's CMD, at which the semiconductor group announced its medium-term targets.

Maintaining a buy ("outperform") rating on the stock, analysts have confirmed their target price of 19 euros. Note that the share is currently jumping almost 8% today.

Analysts said that STMicro was "bullish about growth and EBIT mid-term" at yesterday's meeting in London. Confirming targets for 2019, management has added others: by the second half of 2021, or in 2022, it targets (FY) sales of 12 billion dollars, coupled with an operating margin of 17% to 19%. Credit Suisse believes that this outlook is more likely to materialise in 2022 than in 2021, although this could increase STMicro's EPS to 2 dollars by that date, i.e. virtually twice Credit Suisse's expectation for 2019 (1.05 dollar).

Credit Suisse points out that STMicroelectronics has improved the quality of its product portfolio and its growth profile "in faster growth areas of electrification, safety and imaging," and believes that the share's current valuation is currently "attractive".

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