The Wall Street bank's 'top autos semis pick' is expected to rise by more than 60% over the next 12 months.
Bank of America named European chip stocks ASM International and STMicro as its "top picks" going into the end of the year. The Wall Street bank said it continues to favor ASMI with a 521 euro price target, which represents 25% upside potential from the current share price. Shares of the Dutch manufacturer of semiconductor equipment are also traded in the United States. The analysts believe ASMI's upcoming capital markets day on Sept.
Shares of the company are also traded on the Paris stock exchange for European investors. STM ASMXF YTD line Bank of America analysts cited "resilient pricing and secular growth drivers in silicon carbide " as reasons the stock should benefit into year-end. Silicon carbide is used in power components for electric vehicles.
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