Infineon Still Driving Ahead With Strong Automotive Results in 1Q; Maintain EUR 14 FVE
Infineon reported solid fiscal first-quarter results and provided investors with a decent forecast for its fiscal second quarter while reiterating its outlook for fiscal 2017, all of which were in line with our prior expectations for the firm and point to healthy ongoing chip demand. We will maintain our narrow moat rating for Infineon and our fair value estimates of EUR 14 per share and $15 per U.S. ADR. The shares appear overvalued to us, but we remain fond of Infineon's business model and the...Infineon Technologies is a semiconductor manufacturing company. The Automotive segment designs, develops, manufactures and markets semiconductors for use in automotive applications. The Industrial Power Control segment designs, develops, manufactures and markets semiconductors for the generation, transmission and economy in the use of electrical energy. The Power Management & Multimarket segment designs, develops, manufactures and markets semiconductors for power supplies, mobile devices and mobile phone network infrastructures. The Chip Card & Security segment designs, develops, manufactures and markets semiconductor-based security products for card applications and networked systems.
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