DA Davidson lowered the firm’s price target on Amkor Technology (AMKR) to $36 from $40 but keeps a Buy rating on the shares. The company reported another solid iPhone-driven quarter but provided disappointing guidance that called for a greater than seasonal decline in Q4, the analyst tells investors in a research note. DA Davidson maintains however that Amkor’s communications business will recovery nicely with a much larger AI driven iPhone refresh cycle in 2025, and layering on the cyclical recovery of several chip end markets and new production in Vietnam, the firm expects a 2-3 year run in revenues and earnings.
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