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IFX - Infineon Technologies AG News Story

€31.55 -1.0  -2.9%

Last Trade - 10/05/21

Sector
Technology
Size
Large Cap
Market Cap £36.82bn
Enterprise Value £40.06bn
Revenue £8.70bn
Position in Universe 34th / 1050

STOCKS NEWS EUROPE-Infineon gains as Citi eyes demand recovering

Tue 11th June, 2013 9:49am
Citi turns more positive on end-demand for semiconductors, boosting shares in Infineon  IFXGn.DE  and STMicroelectronics  STM.PA  and CSR  CSR.L . "We are now increasingly convinced that signs of recovery in end demand are broad-based and reasonably consistent, triggering a shift in our positioning. We upgrade Infineon to 'buy' from 'neutral', and raise our numbers for STM and CSR but maintain a balanced outlook for both of them," the investment banks says in a note. Supporting the brightening outlook for the sector, U.S.-listed rival Texas Instruments  TXN.O  late on Monday said it was seeing "a very well behaved recovery", describing the environment as "very encouraging".  ID:nL2N0EM1WA  Infineon adds 3 percent after the upgrade, making it the top gainer in the broadly lower FTSEurofirst 300  .FTEU3 . STM and CSR make more modest gains, up 0.8 and 1.3 percent, respectively. CSR and Infineon are among the cheapest stocks among European semis, trading on 16.1 and 16.5 times consensus next year's earnings against the sector average of 19.2 times, according to Thomson Reuters StarMine. STM, though, looks more fully valued at 18.7 times. Reuters messaging rm://antonina.vorobyova.thomsonreuters.com@reuters.net Keywords: MARKETS EUROPE STOCKSNEWS
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