STMicroelectronics NV (ADR) (NYSE:STM): Price Target Raised To $10.60

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Dallas, Texas 05/08/2014 (FINANCIALSTRENDS) – STMicroelectronics NV (ADR) (NYSE:STM) designs, develops, manufactures and commercializes a range of semiconductor integrated circuits and discrete devices. Recently the company also announced the launch of Blast Baseball which was developed with Blast Motion as its first product. The product will educate athletes on the mechanics of their swing and will empower them to make meaningful adjustments.

STMicroelectronics recently also announced about changes in its executive management with appointment of Paul Grimme to the newly created designation of Executive Vice President – Mass Market and Online Marketing Programs. The new position was created to coordinate the sales and marketing operations in this growth area for the company. Following this appointment, Paul Cihak will succeed Paul Grimme as Executive Vice President and General Manager – Sales and Marketing for Europe, Middle East and Africa region.

Analysts’ Ratings:

Equities research analyst at Natixis recently raised their price objective on the stock of STMicroelectronics NV (ADR) (NYSE:STM) from $10.20 to $10.60 in a research note issued last week. The firm currently maintains a “buy” rating on the stock. The upgraded price target suggests an upside potential of 11.46% from the stock’s previous closing of $9.51. Investment analysts at Societe Generale also raised their price target for the stock to $11.

However, investment analysts at UBS AG downgraded their rating on the stock of STMicroelectronics from a “neutral” rating to a “sell” rating.

Consensus Estimate and Stock Update:

The stock of STMicroelectronics NV (ADR) (NYSE:STM) has been given a “sell” rating by four investment analysts, a “hold” rating by six research analysts and a “buy” rating by two analysts. On a consensus, the stock has a “hold” rating with an average price target of $9.68.

Yesterday, the stock closed at $9.51, gaining 0.21% from its previous close. The stock traded with volume of 1.41 million shares against its 30 day average volume of 1.04 million shares. The stock has gained close to 19.5% year to date.

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