Infineon's Bid for Cypress Puts Automotive Business Into Overdrive; Maintain EUR 22 FVE
We're generally in favor of Infineon Technologies' plan to acquire Cypress Semiconductor for $23.85 per share, representing an enterprise value of EUR 9 billion ($10.1 billion). We will maintain our fair value estimates of EUR 22 and $25 per U.S. ADR for narrow-moat Infineon. The shares appeared cheap to us before the surprise announcement, as we think Infineon will weather the near-term industry slowdown, but with the 8% sell-off on June 3 after the news, we think they are even more attractivel...
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