Markets & Finance

SoundView Upgrades Amkor Technology to 'Outperform'

SoundView upgraded Amkor Technology (AMKR) to outpeform from neutral.

Analyst Mehdi Hosseini says he thinks the second quarter is tracking ahead of expectations, and is mainly driven by better-than-expected strength in orders from its consumer and multi-application-centric customers. With flexibility in capital spending, he thinks revenue contribution from new customers will finally become significant. He believes Amkor is currently engaged in negotiations with a number of companies for new outsourcing agreements.

Given the revenue opportunity and leverage in Amkor's operating model, Hosseini narrowed the 35-cent 2003 loss estimate to a 26-cent loss, and raised the 37 cents 2004 earnings per share to 70 cents. He also upped his $9 target to $16.

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