The shortage of semiconductors during a boom in electric vehicle sales could help raise profits at a handful of chip makers, according to Bank of America. The investment bank said shares of U.S.-listed European chip maker STMicroelectronics and Japan's Renesas Electronics could rise by more than 75% over the next year on that trend.
Germany's Infineon is the largest chip manufacturer for the automotive industry and is expected to earn $7.5 billion next year from sales to the sector. Bank of America analysts think the company maintains a "leading position" in the market with its low-cost manufacturing. As a result, it expects shares of the company to rise by more than 40% to $46 for its U.S. listing.
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