Infineon's Call for 2H Rebound Was Premature; Maintain EUR 22 FVE, Shares Undervalued
We will maintain our fair value estimate of EUR 22 ($25 per U.S. ADR) for narrow-moat Infineon Technologies despite the company's downward forecast revision amid a sluggish macroeconomic environment and weakness in China, particularly related to automobile sales and a buildup of power management chip inventory in the region. For all of fiscal 2019 (ending September), Infineon now foresees 6% revenue growth, down from its prior forecast of 9%. The revenue slowdown will weigh on Infineon's bottom ...
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