BlockBeats News, July 23rd, Citigroup analysts pointed out in a report to clients that the stock price of STMicroelectronics (STM.N) has reflected the recovery of its end markets and accelerated growth in data center revenue.

The analyst stated that the European chipmaker's second-quarter performance and guidance were broadly in line with market expectations, leading to the stock price's rise this year. Since January, STMicroelectronics' stock price has more than doubled, with an increase of nearly 160%.

The analyst said, "If today's expectations are not met, the stock price may face resistance in the short term."