Morgan Stanley downgraded STMicroelectronics (STM) to Underweight from Equal Weight with a price target of EUR 20, down from EUR 35. The firm sees challenges to automotive growth in fiscal 2025, with margins “remaining vulnerable” to under-utilization charges, reservation fee roll-off and higher depreciation charges. It cites headwinds in the automotive market, and flat sales elsewhere, for the downgrade of STMicroelectronics.
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