Needham analyst Charles Shi maintains $Amkor Technology (AMKR.US)$ with a buy rating, and adjusts the target price from $45 to $34.
According to TipRanks data, the analyst has a success rate of 40.7% and a total average return of 6.3% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Amkor Technology (AMKR.US)$'s main analysts recently are as follows:
The firm entered the quarter with a cautious stance rather than an optimistic one, and Amkor Technology's guidance for the December quarter was notably below both the firm's and Street's estimates. The reported weakness was attributed to a mix of seasonal factors and a device transition, which is speculated to possibly be related to a potential share loss at a major tech company. Consequently, the firm substantially revised their estimates downward.
Amkor Technology displayed a modest outperformance in its September quarter results, buoyed by a seasonal surge in smartphone demand and sustained momentum in artificial intelligence packaging. However, the demand trends in the automotive and industrial sectors have not been as robust. Looking ahead, a gradual uptrend is anticipated to emerge by 2025, despite a downward revision in the forward estimates.
The company delivered robust results for Q3, yet significantly revised its Q4 forecasts downward, suggesting an anticipated 11% sequential dip in overall revenue and a 23% sequential fall in Communications revenue, which exceeds the usual single-digit downturns observed in a typical Q4. The primary contributor to the subdued outlook for Amkor may be a decreased demand for premium smartphones and a lesser allocation of orders for the 2024 models. Nonetheless, it's expected that the strength in Computing revenue will persist into Q4.
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