Oddo maintains its 'outperform' rating on STMicro shares, with a price target raised from €53 to €58.

Yesterday, STMicro reported Q4 22 results ahead of expectations, but also guidance for Q1 and 2023 well above consensus forecasts.

Sales came in at $4.42 billion, close to the consensus of $4.4 billion, at +24% year-on-year and +2.4% sequentially (guidance +1.8% +/- 350bp). EPS came in at $1.32, 21% above consensus.

'For fiscal 2023, the Group expects sales of between $16.8 and $17.8 bn (mid-range at $17.3 bn), up 4% to 10%, compared with the consensus of just 2% at $16.4 bn (we were at +5% or $17 bn)', reports Oddo.

Yesterday, STMicro's share price had risen by 8.2% at the close following the release of its results.


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