STMicroelectronics delays financial targets, CEO says governments distorting markets

(Reuters) -Computer chip maker STMicroelectronics pushed back its long-term financial targets on Wednesday, saying its future remains bright but a downturn in its key automotive and industrial markets is dragging on into 2025. ST, one of Europe's largest semiconductor firms, now expects to hit annual revenue of $20 billion and an operating margin above 30% by 2030, instead of 2027 as previously forecast. "The reiteration of ST's financial targets today confirms our view that the current weakness the company is going through is cyclical, not structural," brokerage Stifel said in a note.