Amkor (AMKR – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Peter Peng from J.P. Morgan maintained a Buy rating on the stock and has a $30.00 price target.
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Peter Peng has given his Buy rating due to a combination of factors that highlight Amkor’s potential for growth despite current challenges. The company is experiencing a temporary decline in revenues due to slower recovery in end markets and specific losses associated with the iPhone 16 cycle. However, Peter Peng anticipates a strong recovery in the second half of the year, driven by content regains with the upcoming iPhone 17 and improved demand trends.
Amkor’s differentiated advanced technology and strong market position in outsourced assembly and test manufacturing position it well to capture the growing demand in the semiconductor sector. The company’s efforts to diversify its customer base and geographical presence, along with its strategic engagements in the AI market, are expected to outpace industry growth. This growth potential, coupled with Amkor’s leadership in advanced packaging solutions, supports the expectation of a premium valuation for its stock relative to peers, justifying the Buy rating.
Peng covers the Technology sector, focusing on stocks such as Skyworks Solutions, Amkor, and MKS Instruments. According to TipRanks, Peng has an average return of -0.2% and a 35.71% success rate on recommended stocks.