(News Bulletin 247) – Following a roadshow with Infineon in North America, Oddo BHF reiterates its “outperformance” opinion and maintains its forecasts, as well as its target price of 50 euros, judging that the profile of the German semiconductor manufacturer remains very attractive.
The research department points to a fairly low exposure to consumer, but very strong to automotive and industrial, and more specifically to megatrends of electrification, which according to him should allow him to weather the current cyclical correction.
“The valuation remains low at 7.7 times 2023 EBITDA, well below its 10-year average of 11 times. It incorporates an assumption of downward revisions of around 30 to 40% which, in our opinion, has a very low probability of happening, ”adds the analyst.
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