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Here's Why STMicroelectronics Shares Are Trading Higher Today

By Anusuya Lahiri
  • STMicroelectronics N.V. (NYSE:STMtargeted over $20 billion in annual sales by 2027, building on the strength of its strategy focused on Industrial and Automotive as a broad range leader and selective leadership positions in Personal Electronics and Communications Equipment, Computers & Peripherals.
  • The Apple Inc (NASDAQ: AAPL) and Tesla Inc (NASDAQ: TSLA) supplier's mid-term sales target represents a 30% increase from the top range of its expectations for this year, at $15.3 billion.
  • STMicro looks to generate an operating margin of over 30% by 2027.
  • STMicro ramped up its production to meet soaring demand for chips and sensors reflected via an increased number of smartphones, cars, and growing connected devices, Reuters reports.
  • The electrification of the car industry, new mobile networks, and a boom in cloud services are driving up orders for the group's chips.
  • CEO Jean-Marc Chery expected sales of silicon carbide chips to improve the charging capacity of batteries in electric vehicles and the time between charges, to reach $1 billion in 2023, one year earlier than previously expected.
  • Price Action: STM shares traded higher by 4.28% at $36.56 on the last check Thursday.
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Dive Deeper:
Why Volta Shares Are Trading Higher Today
Volta Inc (NYSE:VLTA) reported first-quarter FY22 sales growth of 77% year-on-year to $8.39 million, beating the consensus of $8.28 million. Media revenue increased…
Why II-VI Shares Are Trading Higher Today
II-VI Inc (NASDAQ:IIVI) reported third-quarter FY22 revenue growth of 5.7% year-on-year to $827.7 million, beating the consensus of $804.8 million. Segments: Photonic Solutions revenue…
Why CBAK Energy Shares Are Trading Higher Today
CBAK Energy Technology, Inc. (NASDAQ:CBAT) received an order from a European provider of heating, cooling, and renewable energy systems for a supply of…
Why Exro Technologies Shares Are Trading Higher Today
ev Transportation Services (evTS) signed an agreement with Exro Technologies Inc.(TSX:EXRO) (OTC:EXROF) to purchase 1,000 units of its 100V Coil Drive System beginning…
One subscription that gives you access to news from hundreds of sites
Why Vroom Shares Are Racing Higher Today
Vroom Inc (NASDAQ: VRM) shares are trading higher Tuesday after the company announced better-than-expected financial results. 
Why Boat Rocker Media Shares Are Trading Higher Today
Boat Rocker Media Inc (TSX: BRMI) price target has been lowered to C$9 from C$10 by RBC Capital analyst Drew McReynolds while maintaining…
Get all your news in one place