Morgan Stanley upgraded STMicroelectronics (STM) to Equal Weight from Underweight with a price target of EUR 22, up from EUR 20. The firm sees the company’s cyclical dynamics troughing by the September quarter. Although Morgan Stanley still sees weaker than peer margins for STM, it expects the market to focus more on the implications for any fiscal 2026 recovery. The firm’s new estimates suggest the stock is close to fairly priced.
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