Craig-Hallum raised the target price of STMicroelectronics (STM) from US$50 to US$57

$STMicroelectronics(STM.US)$ Craig-Hallum analyst Anthony Stoss raised the company’s target price for STMicroelectronics from US$50 to US$57, and maintained a buy rating on the stock after the quarterly results. The analyst pointed out that the main upside is limited by production interruptions in Malaysia, which mainly affected the company's automotive business unit's revenue of approximately US$170 million, which is US$100 million more than the company’s guidance in the third quarter. However, the company has given strong revenue and gross margin guidelines, which are higher than market expectations, Stoss added

Article excerpted from the US Stock Research Agency