BNP Paribas Exane analyst Jakob Bluestone upgraded STMicroelectronics (STM) to Outperform from Neutral with a price target of $31, up from $26. The stock’s risk/reward “looks more interesting again” following the recent pullback on analog recovery concerns, the analyst tells investors in a research note. BNP believes Apple’s upcoming iPhone 17 launch is a potential tailwind for STM at a time when semiconductor inventory levels are normalizing.
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