Does This Provide a Reason to Buy STMicroelectronics N.V. (STM)? The Stock Has Formed Double Top Pattern

December 7, 2017 - By Hazel Jackson

The chart of STMicroelectronics N.V. (STM) shows a double top with $22.81 target or 7.00 % above today’s $21.32 share price. The 7 months chart pattern indicates low risk for the $18.80B company. It was reported on Dec, 8 by Finviz.com. If the $22.81 price target is reached, the company will be worth $1.32 billion more. Double tops are rare but powerful chart patterns.

The stock decreased 0.14% or $0.03 during the last trading session, reaching $21.32. About 3.87 million shares traded. STMicroelectronics N.V. (NYSE:STM) has risen 191.28% since December 8, 2016 and is uptrending. It has outperformed by 174.58% the S&P500.

Analysts await STMicroelectronics N.V. (NYSE:STM) to report earnings on January, 25. They expect $0.33 earnings per share, up 106.25 % or $0.17 from last year’s $0.16 per share. STM’s profit will be $290.98M for 16.15 P/E if the $0.33 EPS becomes a reality. After $0.28 actual earnings per share reported by STMicroelectronics N.V. for the previous quarter, Wall Street now forecasts 17.86 % EPS growth.

STMicroelectronics N.V. (NYSE:STM) Ratings Coverage

Among 11 analysts covering STMicroelectronics (NYSE:STM), 6 have Buy rating, 2 Sell and 3 Hold. Therefore 55% are positive. STMicroelectronics had 21 analyst reports since July 22, 2015 according to SRatingsIntel. The stock of STMicroelectronics N.V. (NYSE:STM) earned “Hold” rating by Kepler Cheuvreux on Wednesday, January 27. On Friday, September 2 the stock rating was downgraded by Bank of America to “Underperform”. As per Friday, October 14, the company rating was maintained by Craig Hallum. On Monday, September 14 the stock rating was maintained by Natixis with “Buy”. On Friday, October 30 the stock rating was downgraded by Craig Hallum to “Hold”. The firm has “Buy” rating by Robert W. Baird given on Thursday, October 26. Craig Hallum maintained it with “Buy” rating and $26.0 target in Thursday, October 26 report. The stock of STMicroelectronics N.V. (NYSE:STM) earned “Buy” rating by J.P. Morgan on Tuesday, July 11. The firm has “Hold” rating given on Monday, May 15 by Stifel Nicolaus. The firm has “Buy” rating by Craig Hallum given on Thursday, October 27.

More notable recent STMicroelectronics N.V. (NYSE:STM) news were published by: Investorplace.com which released: “Make Way for STMicroelectronics NV (ADR) (STM) Stock” on June 02, 2017, also Livetradingnews.com with their article: “STMicroelectronics NV (ADR) (NYSE:STM) Trading Outlook” published on August 03, 2016, Benzinga.com published: “Jim Cramer Advises His Viewers On STMicroelectronics And Applied Materials” on August 09, 2017. More interesting news about STMicroelectronics N.V. (NYSE:STM) were released by: Livetradingnews.com and their article: “STMicroelectronics NV (ADR)(NYSE:STM) Bullish Trend” published on September 07, 2016 as well as Investorplace.com‘s news article titled: “STMicroelectronics NV (ADR) (STM) Stock Evolves to IoT Play As Sector Expands” with publication date: July 21, 2017.

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