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STMicro: Oddo adjusts target price

( - STMicro will publish its Q2 2020 results on before the market opens on 23 July.

Oddo expects sales of 2,004 million dollars, down 10.2% Q-o-Q, in line with the consensus of $2,002 million dollars and the guidance of -10.3% +/- 350 bp.

The broker also expects a gross margin of 34% (vs. consensus of 34.1%) vs. a guidance of 34.6% +/- 200 bp, including an unsaturation charge of 400 bp. Note that it expects net Opex of 640 million dollars, while the consensus is looking for 622 million dollars, below the quarterly guidance of 635/645 million dollars, analysts say.

As a result, the consensus is looking for OP of 69 million dollars (OM of 3.4%) and NP of 65 million dollars (i.e. EPS of 0.07 dollar). The broker expects less than that, with OP of 41 million dollars (OM of 2%), NP of 34 million dollars and EPS of 0.04 dollar, Oddo adds.

For the third quarter, Oddo anticipates sales of 2,268 million dollars, up 13% Q-o-Q; meanwhile, the consensus expects slightly more at 2,311 million dollars, up 15.4%.

Oddo confirms its Neutral rating on the share with an adjusted target price of 23 euros (vs. 22 euros).

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