STMicroelectronics slips on Credit Suisse launch

|About: STMicroelectronics NV (STM)|By:, SA News Editor

Credit Suisse has started STMicroelectronics (STM -1%) at Underperform, and European chip peer Infineon (OTCPK:IFNNF +0.7%) at Outperform.

Bernstein downgraded STM to Underperform a month ago, predicting 2015 revenue growth will be 300 bps below consensus. Shares go for only 0.9x 2015E sales.

Infineon has rallied since announcing last week it's buying International Rectifier for $3B.