Infineon Remains Notably Undervalued as We're Less Bearish on Cypress Deal; Maintain EUR 22 FVE
We have added Infineon Technologies to our Best Ideas list as the narrow-moat leader in automotive and power semiconductors trades at a sizable discount to our fair value estimate of EUR 22 per share ($25 per U.S. ADR). We believe the share price was unfairly punished in recent weeks by Infineon's bid to acquire Cypress Semiconductor for EUR 9 billion (as measured by enterprise value). We remain generally in favor of the deal and don't view it as value destructive, as the strategic rationale mak...
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