STMicro lost more than 1% in Paris this morning, as Oddo BHF confirmed its 'outperform' rating on the stock, with a price target lowered from 48 to 46 euros, ahead of the company's second-quarter results, which it expects to come in within guidance and fairly close to consensus expectations.

The real issue for this publication will be the 2024 guidance, which is likely to be revised down again to the lower end of the $14/15 billion range, probably below the current consensus of nearly $14.4 billion", he warns.

Thus deeming 'a further warning likely', the research firm lowers its own forecast for the semiconductor manufacturer, already initially below consensus and guidance, to $14 billion, as well as its EPS by around 5%.

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