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BofA downgraded STMicroelectronics’ (NYSE:STM) stock to Neutral from Buy and cut the price target to €23 from €29 (to $24 from $30) citing relative preference for Infineon Technologies (OTCQX:IFNNY) (OTCQX:IFNNF).
The analysts said they think STMicroelectronics’ shares could benefit from a cyclicalimprovement