Infineon Technologies AG : Upgrade limited by production capacity, but long-term optimism on EV and SIC
>Target price raised to € 32 vs € 30, Neutral rating maintained - In light of Infineon's Q1 2021 results (initial reaction), we maintain our Neutral rating but have raised our estimates by 5.3% for 2021 and 3.1% for 2022 and upped our target price to € 32 vs € 30. Largely as expected, these results confirmed the excellent momentum in the automotive market, with the ATV division showing sequential growth of 9%, after +29% in the previous quarter. Based on our estimate...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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