Infineon: withdraws 2020 guidance
(CercleFinance.com) - German chipmaker Infineon Technologies has withdrawn its outlook for fiscal year 2020, citing "low visibility" as the coronavirus pandemic is causing upheaval in its supply chain, markets and economies.
At this point in time, the specific impact on sales and earnings for the current fiscal year cannot be reliably assessed or quantified, the group said in a statement.
"This is not surprising given newsflow over the last week of numerous automakers' plant closures announced as governments place restrictions to try and contain the outbreak," one analyst noted.
Originally Infineon anticipated year-on-year sales growth of 5%.
British broker Liberum said on Friday morning that it has reduced its target price for the stock to 22 euros, vs. 27 euros to reflect these cuts in forecasts.
The Infineon share is currently down 3.5% in Frankfurt.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
At this point in time, the specific impact on sales and earnings for the current fiscal year cannot be reliably assessed or quantified, the group said in a statement.
"This is not surprising given newsflow over the last week of numerous automakers' plant closures announced as governments place restrictions to try and contain the outbreak," one analyst noted.
Originally Infineon anticipated year-on-year sales growth of 5%.
British broker Liberum said on Friday morning that it has reduced its target price for the stock to 22 euros, vs. 27 euros to reflect these cuts in forecasts.
The Infineon share is currently down 3.5% in Frankfurt.
Copyright (c) 2020 CercleFinance.com. All rights reserved.