We are removing STMicroelectronics from our Best Ideas list following a reduction in our fair value estimate to $32 per share on January 30. This adjustment is based on a disappointing forecast for early 2025, which has diminished our confidence in the company's ability to meet its financial targets for 2028. Although we still consider ST's shares to be undervalued and believe a recovery is possible in the future, we have identified more attractive investment opportunities within the semiconductor sector.
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