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STMicroelectronics: Jefferies initiates, saying 'hold'

(CercleFinance.com) - On Monday, an analyst at Jefferies began to cover the STMicroelectronics share, adopting a "hold" rating, hoping for a better entry point.

"We like STM's fundamentals (...) and we believe mgmt will increase its dividend within 12-24 months. However, we think the potential for P/E expansion is low because STM is in a capex cycle. Also, Apple represented 13% of revs in 2018... our valuation framework suggests shares are fairly valued," the broker says.

The broker has set a target price of 30 dollars for the share (current price of almost 24 euros).

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