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Infineon: Credit Suisse a seller, stock hit

( - Credit Suisse has resumed coverage of the share of German semiconductor group Infineon with an "underperform" rating, along with a target price of 17 euros, which suggests downside potential of around 20%.

While the broker believes Infineon is "well placed to benefit from secular trends in car electrification, industrial automation and Internet of Things (IoT) connectivity," it thinks that the looks "priced for perfection".

According to Credit Suisse, the share is pricing in 10% p.a. top line growth beyond FY20, with mid-term margins reaching close to 19%.

The market seems to agree with the broker's cautious stance - the Infineon share is down about 3,5% in late Thursday morning trading in Frankfurt.

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