Amkor Technology Analysts Boost Their Forecasts After Strong Q3 Earnings

Core Insights - Amkor Technology Inc reported strong earnings for Q3, with earnings per share (EPS) of 51 cents, surpassing the analyst consensus estimate of 42 cents [1] - The company achieved quarterly sales of $1.987 billion, exceeding the analyst consensus estimate of $1.932 billion [1] - For Q4, Amkor expects GAAP EPS to be between $0.38 and $0.48, with sales projected between $1.775 billion and $1.875 billion [1] Financial Performance - Q3 revenue reached $1.99 billion, marking a 31% sequential increase, driven by demand for Advanced packaging [2] - The company set a new revenue record in its Communications and Computing end markets [2] Strategic Developments - Amkor broke ground on a new Advanced packaging and test campus in Arizona, emphasizing its commitment to U.S. semiconductor manufacturing [2] Stock Performance - Following the earnings announcement, Amkor Tech shares fell by 3.4% to $32.06 [2] Analyst Ratings and Price Targets - Consensus rating for Amkor Tech is "Buy" with a highest price target of $37.00 and a lowest price target of $20.00, resulting in a consensus price target of $29.00 [4] - Needham analyst Charles Shi maintained a "Buy" rating and raised the price target from $32 to $37 [6] - JP Morgan analyst Peter Peng maintained an "Overweight" rating and increased the price target from $27 to $32 [6]