Infineon upgraded to Hold from Underperform at Jefferies

Jefferies upgraded Infineon to Hold from Underperform with a price target of EUR 40, up from EUR 28. The European semiconductor sector has entered a new upcycle, which will result in “material further re-rating and strong” earnings growth over the next two years, the analyst tells investors in a research note. The firm expects growth rates of global semiconductor revenue to move into positive territory by early 2024, and to further accelerate to a cycle peak in the first half of 2025.