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STM - Renesas Looks Undervalued As The Business Finally Bottoms Out
STMicroelectronics N.V.
I was bullish on Renesas Electronics (RNECY) back in July and the shares have performed quite well since then (up 34%). But I’ve been bullish for a while and these shares have lagged since 2018, so I’m not exactly doing a victory dance here.
Renesas has struggled through not only a tough correction in the auto and industrial markets it serves, but also from plenty of self-inflicted issues regarding inventory and margins. The company’s weak performance versus its auto end-market has also raised valid questions about its competitiveness and long-term market share.