Infineon: Bank of America downgrades to 'neutral'
(CercleFinance.com) - Bank of America has downgraded the Infineon share from "buy" to "neutral" on Tuesday, citing limited upside potential at current levels.
With the shares having risen by about 46% year-to-date and by around 180% from their lows in March, their valuation has become "demanding," the broker said in a research note.
"The current setup with valuation, adverse FX moves and Infineon's comments around strong demand distinctly reminds us of the setup in early 2018 (...) which was a precursor to a peaking share price," BofA wrote.
Bank of America maintains its target price of 32 euros for the share.
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