STMicro extends losses after guidance cut, brokers lower PTs
** Paris-listed shares in STMicroelectronics STMPA.PA (STM) fall for a second day after the chipmaker lowered its guidance again, with several analysts cutting their PTs
** STM stock lost 14% on Thursday, it is down 4% by 0839 GMT to its lowest since early November 2022
** Jefferies analysts say they expect 2025 to get off to a weak start on both sales and gross margin as automotive supply chain inventories remain high and the industrial recovery will likely take time
** Analysts slash their revenue estimates for 2024, 2025 and 2026 by 7%, 12% and 11% respectively, cutting their PT on the stock by 19% to 34 euros
** Morgan Stanley cuts its rating to "equal-weight" from "overweight" also lowering PT by 27% to 35 euros, citing lack of visibility in H2 recovery
** "With a deep correction in industrials and declining autos, we see FY24e sales/EPS down c.23%/c.59% yy to $13.4bn/$1.83 (prior $14.39bn/$2.41), which we see as evidence of a severe cyclical trough for STMicro" - MS
** J.P.Morgan, Deutsch Bank, TD Cowen and UBS also cut their PTs on the stock
** Milan-listed shares STMMI.MI also fall 4%
Reporting by Anna Pruchnicka
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