Infineon initiated with an Overweight at Barclays

Barclays analyst Simon Coles initiated coverage of Infineon with an Overweight rating and EUR 47 price target. The analyst initiated coverage on the European semiconductors, preferring Infineon Technologies and STMicroelectronics, where he sees attractive valuations and exposure to better end-markets. Coles is cautious on BE and ASM, saying consensus estimates look "far too high" and their valuations are premium. ASML is "perhaps best placed," but its valuation reflects this, the analyst tells investors in a research note.