Cowen & Co Upgrades Qimonda AG (QI) to Neutral
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Cowen & Co upgrades Qimonda AG (NYSE: QI) from Underperform to Neutral.
Cowen analyst says, "We still see insolvency as a very real possibility, but with QI stock down 95% since June, and enterprise value now effectively zero, we cannot exclude several potential positives which could limit further downside. Parent Infineon (NYSE: IFX) could be willing to essentially give away its 77% stake to investors; IFX could buy back the remaining shares it doesn't own at a small premium just so it can shut down the business and remove the 'QI overhang' on its own stock; or the German government might forgive any clawbacks on prior incentive grants if the Dresden fab is shut down, which could make QI seem more attractive to a potential buyer. We still do not view the stock as a real investment, but at $0.20 a Neutral rating seems more appropriate than our long-standing Underperform."
Qimonda AG (Qimonda) is a supplier of semiconductor memory products. The Company designs semiconductor memory technologies, and develops, manufactures, markets and sells a variety of semiconductor memory products on a chip, component and module level.
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