Infineon Still Powering Ahead in Automotive and Power Semis; Shares Undervalued
Infineon reported strong fiscal fourth-quarter results and provided investors with an impressive forecast for fiscal 2019, in our view, in light of recent sluggishness in near-term chip demand. Infineon appears to be well positioned within pockets of healthy demand and believes it is on pace to outperform many of its U.S.-based peers in the months ahead. We are raising our fair value estimate for narrow-moat Infineon to EUR 22 per share from EUR 20, mainly due to the time value of money as we ro...
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