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STMicroelectronics: Oddo raises target price

( - Following a roadshow in Canada with Barlow Steibel (Investor Relations), Oddo reiterates its Buy rating on the share, having increased its target price from 21 euros to 23 euros.

Oddo says that the group reassured by confirming the scenario for the end of the year, i.e. sequential growth of 15.3% in Q3 2019 (middle of the range) and FY 2019 sales of 9.5 billion dollars, meaning sequential growth of 15.3% in Q4 (middle of the range) and 2019 sales of 9.5 billion dollars, meaning Q4 that posts further sequential growth of 10%, well above traditional seasonality.

The broker believes that the group is in a good position to reach its business model, which includes sales of 12 billion dollars (at constant macroeconomic conditions), a GM of 40%/41% and an OM of 17%/19% in H2 2021 (or in 2022 if macro conditions deteriorate).

Oddo adds that the group reiterated the recent forecast that its automotive business should grow by 7% this year, in a market that is down 5% in volume (including 8% in China after -12% in H1). This major outperformance comes from the proportion of automotive sales (30%) exposed to electromobility and ADAS (Advanced Driver Assistance Systems), which should represent 50% of sales in 2025.

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