Benzinga | Jul 22, 2021 06:58AM EDT

Goldman Upgrades STMicroelectronics To Neutral, Sees 9.3% Upside

* Goldman Sachs analyst Alexander Duval upgraded STMicroelectronics NV (NYSE:STM) to Neutral from Sell with a (euro)34 price target implying a 9.3% upside.

* The upgrade was in the context of third-quartile upside versus his Europe Tech coverage and roughly 5%-6% upside to his unchanged price target.

* Duval added that the company continues to have solid long-term prospects in secular growth areas related to green transport, automation of the car, and advanced communications.

* Price action: STM shares traded lower by 0.60% at $38.28 in the premarket session on the last check Thursday.