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Fly News Breaks for August 9, 2019
Aug 9, 2019 | 06:44 EDT
Goldman Sachs analyst Alexander Daval last night upgraded STMicroelectronics to Buy from Neutral and raised his price target for the shares to $19.20 from $18.60. The analyst had previously been cautious given risks to second half of 2019 estimates, but he now believes these are be baked into the reset fiscal year guidance. Further, while demand remains weak in several key end markets, semiconductor specific conditions have started to improve given a multi-quarter analog downcycle, Daval tells investors in a research note. As such, he views the recent pullback in shares of STMicroelectronics as a favorable entry point.
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