Hold Rating for STMicroelectronics NV Amid Market Challenges and Potential Growth OpportunitiesWe make minor changes to our CY25-27E revenue estimates, modelling 10% yoy sales growth in CY26 & CY27E. However, we cut our CY26E by c14% reflecting slightly lower gross margins and higher opex. For CY27E, our EPS is essentially unchanged at $2+ as we expect higher revenues to drive gross margins to 38% and OPEX cuts to materialise. We reiterate our Neutral rating and €25/US$29 PO on same 6.0x CY27E EV/EBITDA multiple (within historical range of 5x-10x ex. COVID) given a bloated cost base, high inventories and lack of idiosyncratic drivers.