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Between elevated exposure to the weak auto market, the overall correction cycle in semiconductors, and concerns that it is overpaying for Cypress (CY), Infineon (OTCQX:IFNNY) has had a rough year. Down about 20% over the past year, Infineon has noticeably lagged the broader semiconductor sector despite a pretty solid record of financially underperforming its peers through cyclical downturns.
I’ve been more bearish on semiconductors than most sell-siders, and so far that position has been the right one. Infineon management has also been more conservative than many chip company management teams with