Goldman Upgrades STMicroelectronics To Neutral, Sees 9.3% Upside

Goldman Sachs analyst Alexander Duval upgraded STMicroelectronics NV STM to Neutral from Sell with a €34 price target implying a 9.3% upside.
The upgrade was in the context of third-quartile upside versus his Europe Tech coverage and roughly 5%-6% upside to his unchanged price target.
Duval added that the company continues to have solid long-term prospects in secular growth areas related to green transport, automation of the car, and advanced communications.
Price action: STM shares traded lower by 0.60% at $38.28 in the premarket session on the last check Thursday.