On Oct 30, major Wall Street analysts update their ratings for $Amkor Technology (AMKR.US)$, with price targets ranging from $34 to $42.
J.P. Morgan analyst Peter Peng maintains with a buy rating, and adjusts the target price from $48 to $42.
Needham analyst Charles Shi maintains with a buy rating, and adjusts the target price from $45 to $34.
KeyBanc analyst Steve Barger maintains with a buy rating, and adjusts the target price from $38 to $34.
D.A. Davidson analyst Thomas Diffely maintains with a buy rating.
Furthermore, according to the comprehensive report, the opinions of $Amkor Technology (AMKR.US)$'s main analysts recently are as follows:
Initially adopting a cautious stance, it became evident that Amkor Technology's guidance for the December quarter fell short of both the analyst's and broader market projections. This shortfall was attributed to factors such as seasonality, accounting for the majority, and device transition, cited as a partial cause. Concerns were raised about a potential reduction in market share with one of its key clients. Subsequent to these revelations, projections were significantly lowered.
Amkor Technology reported marginally improved results for the September quarter, driven by an uptick in seasonal smartphone demand and sustained momentum in artificial intelligence packaging. However, this was set against a backdrop of subdued demand in the automotive and industrial sectors. Expectations for the forward estimates have been moderated, with a more favorable outlook anticipated for 2025.
Amkor Technology's third-quarter results were strong, yet the forecast for the fourth quarter was significantly reduced, suggesting an estimated 11% quarter-over-quarter decrease in overall revenue and a 23% quarter-over-quarter reduction in Communications revenue. This decline is considerably steeper than the single-digit drops typically observed in the fourth quarter. The primary cause of the weaker outlook for Amkor is believed to be a decrease in demand for high-end smartphones and an under-allocation of orders for 2024 models. Nevertheless, it is anticipated that the strength in Computing revenue will persist into the fourth quarter.
Amkor Technology reported a modest underperformance in Q3 earnings but provided guidance for Q4 that was significantly lower than expected, leading to a notable decline in share price after hours. This subdued outlook is mainly attributed to reduced activity in the Communications end market, with Amkor pointing out an atypical smartphone production schedule.
Here are the latest investment ratings and price targets for $Amkor Technology (AMKR.US)$ from 4 analysts:
Note:
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