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Jefferies raised the firm’s price target on Infineon (IFNNY) to EUR 48 from EUR 45 and keeps a Buy rating on the shares. The firm forecasts the semiconductor cycle to plateau through 2025 after a peak in the first half, and says upside potential for most chip stocks “should be modest this year.” Jefferies expects auto and industrial semi names to outperform as the market prices in a post-inventory correction rebound into fiscal 2026. Jefferies adjusted ratings European semis as part of its 2025 outlook. Infineon’s the firm’s top pick, followed by ASMI.

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