Why STMicroelectronics Shares Are Trading Higher Today - STMicroelectronics (NYSE:STM)

STMicroelectronics N.V. STM targeted over $20 billion in annual sales by 2027, building on the strength of its strategy focused on Industrial and Automotive as a broad range leader and selective leadership positions in Personal Electronics and Communications Equipment, Computers & Peripherals.
The Apple Inc AAPL and Tesla Inc TSLA supplier's mid-term sales target represents a 30% increase from the top range of its expectations for this year, at $15.3 billion.
STMicro looks to generate an operating margin of over 30% by 2027.
STMicro ramped up its production to meet soaring demand for chips and sensors reflected via an increased number of smartphones, cars, and growing connected devices, Reuters reports.
The electrification of the car industry, new mobile networks, and a boom in cloud services are driving up orders for the group's chips.
CEO Jean-Marc Chery expected sales of silicon carbide chips to improve the charging capacity of batteries in electric vehicles and the time between charges, to reach $1 billion in 2023, one year earlier than previously expected.
Price Action: STM shares traded higher by 4.28% at $36.56 on the last check Thursday.