The chipmaker’s stock fell as much as 17% in European trading on July 23 after weak third-quarter guidance, prompting Barclays analyst Simon Coles to cut his price target to $60.
STMicroelectronics shares dropped sharply in European trading on July 23, with the intraday decline widening to 17%, after the company forecast third-quarter revenue of $3.70 billion, below analyst expectations. The weak outlook weighed on investor sentiment and led Barclays analyst Simon Coles to lower his price target to $60.