Infineon Reports Decent 1Q Results Despite Currency Headwinds; Maintain EUR 20 Fair Value Estimate
Infineon reported decent fiscal first-quarter results but provided investors with a relatively soft fiscal second-quarter forecast due to the depreciation of the U.S. dollar, which weighs on Infineon’s revenue as about half of its sales are conducted in USD and converted back into euros for financial reporting purposes. Excluding currency effects, business conditions appear to be relatively healthy across the firm’s automotive and power chip businesses. We will maintain our EUR 20 fair value est...
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