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Research Alert: CFRA Maintains Buy Opinion On Shares Of Amkor Technologies

MT Newswires ·  {{timeTz}}

11:05 AM EDT, 08/02/2022 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target by $3 to $26 based on a P/E of 9x our 2023 EPS view, below packaging & test peers due to AMKR's inferior margin profile. We up our 2022 EPS estimate to $2.60 from $2.45 and raise our 2023 EPS view to $2.90 from $2.60. AMKR prints Q2 adj-EPS of $0.51 vs. $0.51, beating the $0.48 consensus. AMKR posted $1.5B in Q2 sales with first half 2022 revenue (+14% Y/Y) growth being driven by Computing (+27%) due to strength in data centers, high performance computing, and PCs, Automotive & Industrial (+16%) due to content growth, Communications (+10%) due to 5G smartphone demand, and Consumer (+8%) led by wearables and IoT demand. We note a contraction in gross and operating margins of 280 and 150 bps Y/Y due to higher capital expenditures related to the Vietnam factory ramp and underutilization of the Shanghai factory during Q2. We expect this contraction to be reversed in Q3 and gross margin to moderate near 20% in 2022. We expect Q3 sales growth to be driven by 5G smartphone test demand.

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