STMicroelectronics NV is trading at $73.62 (up 4.1%) in pre-market action, benefiting from a key analyst upgrade and a broader rebound in the semiconductor sector.
- Bank of America upgraded STM from neutral to buy on June 10, citing multiple growth drivers including the AI boom, Low Earth Orbit (LEO) satellites, and a recovery in the automotive and industrial sectors. The broker set a new price target of €86 per share.
- The move also comes amid renewed buying interest in chip stocks following a period of sector-wide weakness and volatility in early June.