Infineon Sees Near-Term Softness, but Secular Growth Drivers Remain Intact; Maintain EUR 22 FVE
Infineon reported solid fiscal second-quarter results and provided investors with a decent outlook for its fiscal third quarter and for all of fiscal 2019 (ending in September) consistent with the firm's revised forecast provided to investors in late March. Chip demand remain sluggish due to trade tensions, as evidenced by the firm's lowest book-to-bill ratio in six years. We still think Infineon is well positioned to capitalize on the secular trend of rising chip content per car, especially in ...
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