STMicroelectronics

STMicroelectronics is a global independent semiconductor company that designs, develops, manufactures and markets a broad range of semiconductor integrated circuits (“ICs”) and discrete devices. Co. offers a diversified product portfolio and develops products for a wide range of market applications, including automotive products, computer peripherals, telecommunications systems, consumer products, industrial automation and control systems. Within its diversified portfolio, Co. is focused on developing products that leverage its technological strengths in creating customized, system-level solutions with digital and mixed-signal content.
  • TickerSTM
  • ISINNL0000226223
  • ExchangeEuronext Paris
  • SectorTechnology Hardware & Equipment
  • CountryNetherlands

Analysts

Bruno Cavalier ...
  • Laurence Hofmann
  • Stephane Houri
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/16/2019

The conditions (macroeconomic, hike in interest rates) for a value vs growth outperformance are not aligned in the long term. That said, a marked repositioning was attempted at the beginning of September. This was triggered by the fear of an increase in yields linked to a lack of aggressiveness in the stance taken by central banks. The ECB managed to wipe out this movement. That leaves the Fed (18 Sept.) which could spearhead a tactical reactivation. It would appear prudent to reduce ...

Bruno Cavalier ...
  • Laurence Hofmann
  • Stephane Houri
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/09/2019

Les conditions (macroéconomie, remontée des taux) d’une surperformance value vs growth ne sont pas réunies à long terme. Pourtant, début septembre, un repositionnement brutal a été tenté. En cause la crainte d’une remontée des rendements liée à un manque d’agressivité des banques centrales. La BCE a été au rendez-vous annihilant ce mouvement. Reste la FED (18/9) qui pourrait être à l’origine de sa réactivation tactique. Il parait avisé de réduire la duration de son portefeuille en che...

Stephane Houri

STMicroelectronics N.V. : Road show feedback – The group’s capacity for outperformance is not just a one-off, it is structural – TP increased to € 23 (vs € 21)

>Buy rating reiterated and target price of € 23 (vs € 21) - Following a road show in Canada with Barlow Steibel (investor relations), we reiterate our Buy rating and increase our target price from € 21 to € 23, based on a revaluation of peer multiples in our SOP since our last update. In line with the management’s statements during the last few investor conferences, the group offered reassurance, repeating the scenario for the year end, namely sequential growth in Q3 ...

Stephane Houri

STMicroelectronics N.V. : Feedback de roadshow – La capacité de surperformance du groupe n’est pas que conjoncturelle, elle est structurelle – OC relevé à 23 € (vs 21 €)

>Opinion Achat réitérée et OC de 23 € (vs 21 €) - Suite à un roadshow au Canada avec Barlow Steibel (Investor Relations), nous réitérons notre opinion Achat, avec un OC relevé de 21 € à 23 €, sur la base d’une revalorisation des multiples des comparables de notre SOP depuis notre dernière mise à jour. En ligne avec les déclarations du management durant les quelques conférences Investisseurs récentes, le groupe a rassuré en confirmant le scénario pour de la fin de l’an...

Emmanuel Matot ...
  • Jean-François Granjon
  • Martial Descoutures
  • Nicolas Thorez
  • Pierre Corby
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 09/11/2019

Mediawan’s share price has returned to a level close to the IPO price. Yet the group has made several shrewd acquisitions, built up its structure and proven capable of generating solid organic growth (+13% in 2018) and high margins (19%). There is increasing demand for content and a number of examples in the sector (Entertainment One and KKR) illustrate that the group's strategy is sound. The group is due to report its H1 2019 figures on 30 September which should confirm the favourabl...

STMicroelectronics N.V. - December 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

STMicroelectronics N.V.: Update on Discussion of Key Credit Factors

Annual Update - STMicroelectronics' rating remains comfortably positioned

STMicroelectronics N.V. - September 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

STMicroelectronics N.V. - June 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

STMicroelectronics N.V. - March 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Stephane Houri

STMicroelectronics N.V. : Road show feedback – The group’s capacity for outperformance is not just a one-off, it is structural – TP increased to € 23 (vs € 21)

>Buy rating reiterated and target price of € 23 (vs € 21) - Following a road show in Canada with Barlow Steibel (investor relations), we reiterate our Buy rating and increase our target price from € 21 to € 23, based on a revaluation of peer multiples in our SOP since our last update. In line with the management’s statements during the last few investor conferences, the group offered reassurance, repeating the scenario for the year end, namely sequential growth in Q3 ...

Stephane Houri

STMicroelectronics N.V. : Feedback de roadshow – La capacité de surperformance du groupe n’est pas que conjoncturelle, elle est structurelle – OC relevé à 23 € (vs 21 €)

>Opinion Achat réitérée et OC de 23 € (vs 21 €) - Suite à un roadshow au Canada avec Barlow Steibel (Investor Relations), nous réitérons notre opinion Achat, avec un OC relevé de 21 € à 23 €, sur la base d’une revalorisation des multiples des comparables de notre SOP depuis notre dernière mise à jour. En ligne avec les déclarations du management durant les quelques conférences Investisseurs récentes, le groupe a rassuré en confirmant le scénario pour de la fin de l’an...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Apple’s Keynote: no real surprises on hardware, new focus on services

>Several products announced, with seemingly limited improvements, as expected - Apple yesterday announced a series of new products, with seemingly limited improvements: 1/ 3 iphones (the 11, 11 Pro and 11 Pro Max), 2/ an entry-level iPad with a slightly larger screen, stylet support and the emergence of the smart connector that will be available on 30 September, from € 389, and 3/ the Apple Watch is transitioning to Series 5. It has a screen which can stay lit permane...

Emmanuel Matot ...
  • Stephane Houri

ODDO : Keynote d’Apple: pas vraiment de surprises sur le hardware, nouveau push sur les services

>Des annonces de plusieurs produits aux améliorations en apparence relativement limitées, comme attendu - Apple a annoncé hier soir une série de nouveaux produits aux améliorations en apparence relativement limitées : 1/ 3 iphone (le 11, le 11 Pro et le 11 Pro Max), 2/ un iPad d’entrée de gamme avec une dalle légèrement plus grande, le support du stylet et l'apparition du smart connector qui sera disponible le 30/09 à partir de 389 €, 3/ l'Apple Watch passe en Serie 5...

Cecile De Coincy ...
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Michael Foundoukidis
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/04/2019

...

1 director bought

A director at STMicroelectronics bought 8,670 shares at 15.270USD and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of ...

Bruno Cavalier ...
  • Laurence Hofmann
  • Stephane Houri
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/16/2019

The conditions (macroeconomic, hike in interest rates) for a value vs growth outperformance are not aligned in the long term. That said, a marked repositioning was attempted at the beginning of September. This was triggered by the fear of an increase in yields linked to a lack of aggressiveness in the stance taken by central banks. The ECB managed to wipe out this movement. That leaves the Fed (18 Sept.) which could spearhead a tactical reactivation. It would appear prudent to reduce ...

Bruno Cavalier ...
  • Laurence Hofmann
  • Stephane Houri
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/09/2019

Les conditions (macroéconomie, remontée des taux) d’une surperformance value vs growth ne sont pas réunies à long terme. Pourtant, début septembre, un repositionnement brutal a été tenté. En cause la crainte d’une remontée des rendements liée à un manque d’agressivité des banques centrales. La BCE a été au rendez-vous annihilant ce mouvement. Reste la FED (18/9) qui pourrait être à l’origine de sa réactivation tactique. Il parait avisé de réduire la duration de son portefeuille en che...

Emmanuel Matot ...
  • Jean-François Granjon
  • Martial Descoutures
  • Nicolas Thorez
  • Pierre Corby
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 09/11/2019

Mediawan’s share price has returned to a level close to the IPO price. Yet the group has made several shrewd acquisitions, built up its structure and proven capable of generating solid organic growth (+13% in 2018) and high margins (19%). There is increasing demand for content and a number of examples in the sector (Entertainment One and KKR) illustrate that the group's strategy is sound. The group is due to report its H1 2019 figures on 30 September which should confirm the favourabl...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/11/2019

...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jerôme Bodin
  • Stephane Houri
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/09/2019

...

STMICROELECTRONICS NV sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of STMICROELECTRONICS NV (FR), active in the Semiconductors industry. As regards its fundamental valuation, the title now shows 3 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date August 23, 2019, the closing price was EUR 15.60 and its target price was estimated at EUR 12.30.

STMicroelectronics

STMicroelectronics

STMicroelectronics

STMicroelectronics

Frederic Yoboue

SEMICONDUCTORS BG Technology Conference 2019

On March 14th and 15th, we hosted six semiconductor companies, namely ASMI, Besi, Dialog, Infineon, Soitec, and STMicroelectronics. We found the overall message as reassuring even though the tone was still on the cautious side. We key findings and conclusions relate on Besi (Neutral, FV EUR23), Infineon (Buy, FV EUR22.5), Soitec (Buy, FV EUR85) and STMicroelectronics (Buy, FV EUR19).

Frederic Yoboue

Favour Infineon, STM, and Soitec in early 2019

In this short update, we give our opinion on the current momentum and the companies we favour in early 2019. Semi stocks experienced a sharp correction with companies in our coverage down 23% in average (excl. Dialog) in H2 2018 as we started to see a deceleration in the industry momentum and macro uncertainties especially in China. However, analysts’ EPS cuts explain half of the correction suggesting the other half coming from higher perceived risks by investors. Nonetheless, we anticipate low single-digit growth of 4% in semiconductor sales for 2019 driven by the same long-term trends in aut...

Expert Corporate Governance Service (ECGS)

STMicroelectronics N.V. - Assemblée Générale des actionnaires du 23 mai 2019

Comme chaque année, il est proposé de voter l'attribution au Président du Directoire, 100 000 actions de performance. Depuis Juin 2018, M. Jean-Marc Chery est à la tête de la société en remplacement de M. Carlo Bozotti. Cependant, malgré une quantité maîtrisée, en raison des conditions de performance court-termistes et non quanti?ées, la résolution ne semble pas acceptable (résolution 5.a). La société propose de voter à faveur d’un bonus exceptionnel en actions pour le Directeur Général pouvant représenter jusqu'à 60% de son salaire fixe et basé sur des critères "pré-déterminés et quantifiabl...

Expert Corporate Governance Service (ECGS)

STMicroelectronics - AGM 23 May 2019

As every year, it is proposed to vote  the grant to the CEO of 100,000 performance shares. Since June 2018, Jean-Marc Chery is the CEO of the company, replacing Carlo Bozotti. However, despite a low number of shares, due to short-term and non-quantified performance conditions, the resolution does not seem acceptable (Resolution 5.a ). The company proposes to vote for an exceptional bonus payable in shares for the CEO that can represent up to 60% of his fixed salary and based on "pre-determined and quantifiable" criteria, but they are not communicated. By adding the cash bonus (150% of the fix...

St Microelectronics – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Not too bullish, not too bearish Despite several indexes recently touching new 52+ week highs, broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remain near logical resistance, and indicators continue to send mixed signals. As a result we are hesitant to get too bullish or bearish. Instead we want to focus on Sector/Group/industry themes where we bottoming price and RS, or attractive pullback opportunities within established price and RS uptrends. Below we highlight some of these themes along with indicators that support our overall constructive -- yet tempered -- outlook. • Positiv...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Dave Nicoski ...
  • Ross LaDuke

Int'l Macro Vision: Global Ex-U.S. Equity Strategy

In our January 31 International Compass we presented a case for an incrementally improving overall global outlook, with the caveat that market bottoms tend to be a process that develops over many weeks. Since the end of January, not a lot has changed to alter our views. We remain constructive overall and continue to believe that global equities (MSCI ACWI) are going through a bottoming process. Opportunities exist but Sector leadership is mixed. In our February International Strategy, we explore various themes which lead to our overall constructive outlook, along with areas of the market wher...

Jérôme VINERIER

Short term view - STMICRO ELECTRONICS NV : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €10.460. The background trend would be questioned should prices rise above €16.701.

Jérôme VINERIER

Analyse court terme - STMICRO ELECTRONICS NV : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 10,460 €. La tendance de fond serait remise en cause en cas de franchissement de 16,701 €.

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