Infineon's Automotive Results Remain on Cruise Control; Maintain EUR 17 FVE
Infineon reported solid fiscal second-quarter results and provided investors with forecasts for both the third quarter and for all of fiscal 2017 that were in line with our expectations and point to healthy ongoing chip demand. Our long-term thesis for Infineon is intact, as the firm continues to profit from rising electronics content in automobiles. We will maintain our EUR 17 fair value estimate ($18 per U.S. ADR) and narrow moat rating for the company.Revenue in the March quarter was EUR 1,7...
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