FRANKFURT (dpa-AFX) - Infineon shares continued their strong performance of the previous day on Wednesday following quarterly figures and forecasts for the new financial year. With a recent gain of 6.6 percent to 32.61 euros, they took first place in the still rising Dax, having already gained 3.3 percent on Tuesday.

The chip manufacturer is confident of further growth in the new 2023/2024 financial year after a surprisingly good year-end spurt. Infineon also intends to increase its dividend. However, CEO Jochen Hanebeck's operating profit target is slightly below average market estimates.

Analyst Alexander Duval from Goldman Sachs contrasted the somewhat weaker forecast for the adjusted operating result (EBIT) in the new financial year with Infineon's forecast for free cash flow, which is better than expected.

According to UBS analyst Francois-Xavier Bouvignies, the Bavarians' sales forecast for 2024, together with robust gross margins, indicates a strong development compared to the competition. The expert therefore sees his thesis confirmed that Infineon will make better progress in the current downward cycle with a strong portfolio.

With the price increase on Wednesday, Infineon shares overcame the technical hurdle of the 50-day line, which they had already approached the previous day. The medium-term price trend is therefore more positive again. The 100-day line is also not far away as the next resistance level. Since reaching their lowest level in over a year at just over EUR 27 at the end of October, they have now risen by more than a fifth. They now cost as much again as they last did in mid-October./ajx/tih/men