BofA raised the firm’s price target on STMicroelectronics (STM) to EUR 49 from EUR 42 and keeps a Neutral rating on the shares. The firm says low earth orbit call reinforced STM’s confidence in space as a “structurally attractive growth vector.” The company has “deep customer embedment, notably with SpaceX,” the analyst tells investors in a research note. BofA cites valuation for its Neutral rating.
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