Amkor Technology price target lowered to $30 from $36 at DA Davidson

DA Davidson analyst Thomas Diffely lowered the firm’s price target on Amkor Technology to $30 from $36 and keeps a Buy rating on the shares. The company posted a better than expected Q3, but continued industry softness, and a resulting inventory draw-down, is driving a below seasonal expectation for Q4, the analyst tells investors in a research note. Communication remains a bright spot for Amkor, rising 69% from Q2, while the deteriorating consumer and computing markets remains appear to be approaching trough levels, the firm added.