STMicroelectronics gains nearly 3% to lead the CAC40 index in Paris, supported by an upgrade from UBS from 'neutral' to 'buy' on the semiconductor manufacturer's stock, with an adjusted price target of 52 to 54 euros.

Similarly, while lowering its target price from 60 to 55 euros to reflect a lower gross margin expected in the first half of 2024, Stifel reaffirms its 'buy' recommendation, deeming the valuation 'attractive and below the peer average'.

We would use any pronounced weakness in the share price around the time of the fourth-quarter publication at the end of January to take positions", says the broker, who leaves his long-term growth vision unchanged.

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