STMicroelectronics: No significant changes in estimates but that is what is impacting stock

研报英文原文证据摘录

STMicroelectronics: No significant changes in estimates but that is what is impacting stock

J P M O R G A N Europe Equity Research

24 July 2026

STMicroelectronics Neutral

STMPA.PA, STMPA FP

No significant changes in estimates but that is what is Price (23 Jul 26):€47.94

impacting stock Price Target (Dec-27):€71.50

The key issues in STMicro results were: 1. Positioning into the results was very European Tech Hardware &

long as investors expected a beat. 2. Market expected results that were better than Payments

the sell-side estimates 3. The co. guidance meant that although sell side estimates Sandeep Deshpande AC

may remain virtually unchanged (or only slightly lower), the market expected (44-20) 7134-5276

upgrades. Does this mean that the story is broken? We don't think so. However, the sandeep.s.deshpande@jpmorgan.com

disappointment is considerable and thus the stock is likely to go sideways for some Craig A McDowell

time. If it is clear that there are no structural issues, investors are likely to re-visit (44-20) 7742-4576

the investment case. Given the summer hiatus and the lack of near-term catalysts craig.mcdowell@jpmorgan.com

to help re-rate the stock, we remain on the sidelines maintaining our Neutral rating. Anthony Girard

(44-20) 3493-6469

anthony.girard@jpmorgan.com

J.P. Morgan Securities plc

No significant changes to our estimates

We are adjusting our estimates following STMicro’s 2Q26 print and provided data Specialist Sales contact details:

points into Q3 and Q4. STMicro has guided for Q3 revenue of $3.7bn at the Scott Silver - Specialist Sales -

midpoint (6.2% QoQ, 16.2% YoY) and indicated that with an acceleration in Q4 European TMT

they should be able to achieve above ~15% HoH seasonality, with Q4 revenue (44-20) 7134-0412

scott.silver@jpmorgan.com