INFINEON: Infineon holds back on capex as full recovery not expected before H2 2020 | NEUTRAL | EUR20(+8%)
INFINEON - NEUTRAL | EUR20(+8%)Infineon holds back on capex as full recovery not expected before H2 2020
Guidance underlies back-end loaded growth
Underutilisation costs to hit margins at least until H2 2020
Infineon seems to downplay capex spending for now
We maintain our FV at EUR20 and remain Neutral on the stock
Infineon Technologies is a semiconductor manufacturing company. The Automotive segment designs, develops, manufactures and markets semiconductors for use in automotive applications. The Industrial Power Control segment designs, develops, manufactures and markets semiconductors for the generation, transmission and economy in the use of electrical energy. The Power Management & Multimarket segment designs, develops, manufactures and markets semiconductors for power supplies, mobile devices and mobile phone network infrastructures. The Chip Card & Security segment designs, develops, manufactures and markets semiconductor-based security products for card applications and networked systems.
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