STMicro: Oddo raises target price

(CercleFinance.com) - Oddo maintains its "outperform" rating on STMicro shares, increasing its target price for them from 53 euros to 58 euros.


Yesterday, STMicro published Q4 22 results that exceeded expectations, but also provided an outlook for Q1 and 2023 that is well above the consensus.

Sales came in at 4.42 billion dollars, close to the 4.4 billion dollars consensus up 24% y-o-y and +2.4% sequentially (guidance +1.8% +/- 350bp). Meanwhile, EPS reached $1.32, 21% above the consensus.

For FY 2023, the group expects sales of 16.8 to 17.8 billion dollars (with the mid-range at $17.3bn), up 4% to 10%, again above the consensus, which was only looking for 2% growth to 16.4 billion dollars (Oddo analysts were expecting +5% or $17bn), the broker reports.

Yesterday, STMicro shares jumped 8.2% at close following the release of these results.


Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.