STMicroelectronics Lowered to Underperform at Zacks (STM)
STMicroelectronics (NYSE:STM) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a note issued to investors on Wednesday, American Banking & Market News reports. They currently have a $8.60 target price on the stock. Zacks‘ target price indicates a potential downside of 4.66% from the company’s current price.
STMicroelectronics (NYSE:STM) traded down 0.72% on Wednesday, hitting $8.955. The stock had a trading volume of 905,070 shares. STMicroelectronics has a 52-week low of $5.31 and a 52-week high of $10.05. The stock has a 50-day moving average of $8.87 and a 200-day moving average of $8.82. The company’s market cap is $7.974 billion.
STMicroelectronics (NYSE:STM) last issued its quarterly earnings data on Monday, July 22nd. The company reported ($0.06) earnings per share for the quarter, missing the analysts’ consensus estimate of $0.02 by $0.08. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same quarter last year, the company posted ($0.05) earnings per share. STMicroelectronics’s revenue was down 4.8% compared to the same quarter last year. On average, analysts predict that STMicroelectronics will post $-0.13 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on STM. Analysts at Sanford C. Bernstein initiated coverage on shares of STMicroelectronics in a research note to investors on Thursday, September 5th. They set a “market perform” rating on the stock. Separately, analysts at HSBC downgraded shares of STMicroelectronics from a “neutral” rating to an “underweight” rating in a research note to investors on Friday, August 16th. Finally, analysts at Bank of America Corp. downgraded shares of STMicroelectronics from a “buy” rating to an “underperform” rating in a research note to investors on Wednesday, July 24th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $9.88.
STMicroelectronics N.V. is a global independent semiconductor company that designs, develops, manufactures and markets a range of semiconductor products used in a variety of microelectronic applications, including automotive products, computer peripherals, telecommunications systems, consumer products, industrial automation and control systems.
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