Amkor Technology initiated with a Neutral at Goldman Sachs

Goldman Sachs initiated coverage of Amkor Technology with a Neutral rating and $32 price target. While Amkor is a top-tier semiconductor packaging and test service provider, the shares have outperformed peers over the past five years primarily through content gains in smartphones, creating a balanced risk/reward at current levels, the analyst tells investors in a research note. In the near-term, the firm expects cyclical strength in communications and compute to be largely offset by a moderation in automotive demand.