STMicroelectronics: The environment is improving but execution remains the key

NEUTRAL, Fair Value EUR6.3 (+11%)
News published on April Thursday 28, 2016
Share on

Following the publication of ST’s Q1 results yesterday (see our first take), the conference call held by ST had a positive tone. However, in our view, it is not enough to justifies a recommendation change. We believe risks remain high regarding 1/ execution of the restructuring process, 2/ growth while the group is faces a dynamic competition and 3/ a gradual improvement in margin which depends on restructuring, growth and FX. We reiterate our Neutral recommendation and keep our FV of EUR6.3.


For more information, please contact marketing@bryangarnier.com


The Essentials

Everything you need to know about investment banking dedicated to growth
Stay Informed
Get our news
Join our Team
Bryan, Garnier & Co is always looking for talent in all our divisions, at all levels
Explore our opportunities