Nov 20 (Reuters) - STMicroelectronics (ST)

pushed back its long-term financial forecasts on Wednesday,

following three outlook cuts this year amid a slump in markets

for the industrial and automotive chips it makes.

ST, one of Europe's largest semiconductor firms, said it

aimed to reach the revenue target of $20 billion and an

operating margin of above 30% by 2030, instead of the previously

forecast 2027.

It also gave new guidance for 2027-2028, targeting

revenue of $18 billion and an operating margin of 22-24%.

"ST expects to exit 2027 with high triple-digit

million-dollar savings compared to the current cost base," the

company said in the statement ahead of its investor day.

ST had first flagged the launch of a company-wide program to

reshape its manufacturing footprint with its third-quarter

earnings, but did not elaborate where those savings would come

from.

Investors and analysts will be looking to get some details

on the plan during Wednesday's event.