Amkor Technology initiated with an Overweight at KeyBanc

KeyBanc initiated coverage of Amkor Technology with an Overweight rating and $38 price target. The company should deliver high-single-digit to low-double-digit revenue growth in the next several years, which should translate into double-digit earnings growth and solid share price returns, the analyst tells investors in a research note. The firm says the hprimary driver of Amkor’s earnings growth will be operating leverage from increasing capacity utilization as its end markets recover from recent weakness. KeyBanc says the company is a leader in outsourced assembly and test, with a broad offering including design, manufacturing, and test.