Craig-Hallum analyst Anthony Stoss lowered the firm’s price target on STMicroelectronics (STM) to $36 from $42 and keeps a Buy rating on the shares. Auto markets continue to weaken, and STMicroelectronics now expects a worse than seasonal March quarter, the firm says. Craig-Hallum is lowering its estimates going forward to account for the deterioration of its business and notes that gross margins and profitability will also move lower.
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