- CitiGroup analyst Amit Harchandani upgraded STMicroelectronics NV STM rating to Buy from Neutral.
- He raised the price target to €39, up from €36.50. The new price target implies a 25.7% upside potential at the current level.
- The stock's risk-reward was growingly unequal to the upside following the underperformance in the first half of the year, Harchandani stated.
- STMicroelectronics' automotive and industrial exposure supported its relative cyclical appeal, Harchandani's research note added.
- The stock has lost 1.2% year-to-date.
- Price action: STM shares traded higher by 3.80% at $38.08 on the last check Friday.
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