Margin Leverage in Question

研报英文原文证据摘录

Margin Leverage in Question

Idea

July 24, 2026 04:00 AM GMT

Morgan Stanley & Co. International plc+MSTMicroelectronics NV | Europe Lee Simpson

Equity Analyst

Margin Leverage in Question Lee.Simpson@morganstanley.comShawn Kim +44 20 7425-3378

What’s Changed Shawn.Kim@morganstanley.com +44 20 7677-1018

Nigel van Putten

STMicroelectronics NV (STMPA.PA) From To Equity Analyst

Price Target €78.00 €65.00 Nigel.Putten@morganstanley.com +44 20 7425-2803

Amelia M Scicluna

Margin guidance disappointed the market despite positive ResearchAmelia.Scicluna@morganstanley.comAssociate +44 20 7425-6694

evidence of end-market recovery and a data center guidance

STMicroelectronics NV (STMPA.PA, STMPA FP)

uptick. We trim our SOTP multiples and lower our PT to €65.

ADRSTM.N

However we continue to like the end-market recovery and Technology - European Semiconductors | Switzerland

structural data center and LEO dynamics; we remain OW STM. Stock Rating Overweight

Industry View In-Line

Price target €65.00

Key Takeaways Shr52-Weekprice,Rangeclose (Jul 23, 2026) €70.85-18.20€47.95

Mkt cap, curr (mn) US$49,700

A disappointing margin signal blamed on underloading and lengthy time for tech EV, curr (mn)* US$46,911

transfer hurt sentiment

* = GAAP or approximated based on GAAP

Still sales are progressing as expected with even a new guide up on datacentre Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

sales for this year and next Sales / Revenue (US$ 11,799 14,489 17,866 19,483

mn)**

We keep our sales/earnings estimates for 2027 and 2028 largely unchanged EBITDA (US$ mn)** 2,406 3,220 4,787 5,847

EBIT (US$ mn)** 551 1,314 3,043 4,258

given our expectation for slower margin progression already EPS (US$)** 0.45 1.24 2.81 3.93

Prior EPS (US$)** - 1.29 2.82 3.97