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Infineon: Oddo BHF remains positive, trims TP

( - Oddo BHF maintains its 'outperform' rati,g on Infineon shares, with a target proce lowered from E43 to E41, in the wake of forecasts lowered by an average of 8%/9% for the German semiconductor group, the day after its quarterly results.

The idea that emerges from this publication is that the second quarter of 2024 could be the low point of this cycle for Infineon, with margins remaining at good levels for a bottom of cycle, the analyst says.

Based on its forecasts, the broker points out that the share is trading at 8.7x 2024 EBITDA, still well below its 10-year average of 11x, while the automotive sector is resisting and the group is preserving its margins.

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