STMicroelectronics price target raised to EUR 22 from EUR 20 at Barclays

Barclays raised the firm’s price target on STMicroelectronics (STM) to EUR 22 from EUR 20 and keeps an Underweight rating on the shares. The firm is “somewhat cautious” on European technology hardware into Q3 but says valuations on 2027 estimates “could provide support.” Artificial intelligence strength continues but Barclays sees little benefit for most of the group, the analyst tells investors in a research note. TSMC remains the analyst’s preferred stock in the sector. jay