QUOTATIONS
Stmicroelectronics
STMicroelectronics’ first quarter accounts will arrive tomorrow (publication expected before the start of the European stock exchanges). According to the estimates of the analysts of Banca Akros, the big Italian-French chip company should announce revenues of 3.5 billion dollars for the first three months of the year, up by 16.1% compared to a year ago and in a decrease of 1.6% compared to the previous quarter, with an expected gross margin of 45 percent.
“The current macro context remains difficult with inflation and shortage of raw materials, the resumption of the pandemic in Asia and the war in Ukraine – Akros stressed -. Auto sales continued to decline in the first quarter; however, the migration to electric and premium vehicles continues to generate strong semiconductor demand “. As for smartphones, according to data released by Canalys, deliveries fell by 11% on an annual basis compared to about -3% recorded in the fourth quarter, but Apple’s performance has not deteriorated. “Overall, we expect the first quarter to still be good based on the chip supply / demand imbalance.” The buy valuation on STM has been confirmed, with an unchanged target price of 51 euros.