Exchanges up for STMicroelectronics in Piazza Affari, where it shows an increase of about 0.7% to 36.2 euros. The big Italian-French semiconductor company saw Equita confirm the hold recommendation (keep in portfolio) and the target price of 45 euros. “Analog Devices, a company comparable to Infineon and STM due to its high exposure to the industrial and automotive sectors, reported results for the third quarter just above expectations”, underline the analysts of the Milan-based sim. “Although the guidance for the fourth quarter is slightly above expectations – remarked by Equita – the stock reacted negatively to management’s comments about a slight increase in order cancellations towards the end of the quarter”.
Equita believes that, “although the worsening trend in bookings reported by Analog Devices has negative implications for all analog chip manufacturers including STM and Infineon, these companies, and in particular Infineon, have a very high backlog which we believe from a above average visibility entering 2023 ”.