Amkor Technology initiated with an Overweight at JPMorgan

JPMorgan initiated coverage of Amkor Technology with an Overweight rating and $48 price target. Amkor is a key outsourced semiconductor assembly and test supplier and a key foundational semiconductor industry “enabler,” the analyst tells investors in a research note. The firm says artificial intelligence, high-performance computing, 5G, electric vehicles, and other applications are driving strong demand for advanced packaging solutions given their higher compute performance and power efficiency requirements. It believes Amkor is a key beneficiary of this trend.