Amkor Technology price target lowered to $26 from $35 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Amkor Technology (AMKR) to $26 from $35 and keeps an Equal Weight rating on the shares. The firm had come into the quarter “more cautious than optimistic,” but Amkor’s December quarter guidance came in well below the firm’s and Street estimates, notes the analyst, who says the weakness was explained as 75% seasonality and 25% device transition, which the firm thinks may be due to possible share loss at Apple (AAPL). Following the report, the firm’s estimates were “materially revised down,” the analyst tells investors.