Infineon Still Fully Charged as It Reports Solid Fiscal 3Q Results; Maintain EUR 17 FVE
Infineon reported fiscal third-quarter results and provided investors with fourth-quarter and full-year fiscal 2017 outlooks that were in line with our expectations. We will maintain our EUR 17 fair value estimate for Infineon but raise our U.S. ADR fair value estimate to $20 from $18 based solely on currency fluctuations. Shares appear slightly overvalued to us, but we continue to like Infineon's prospects in automotive, especially as the firm commented that chip content per car is rising faste...
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