Amkor Technology price target raised to $38 from $34 at Morgan Stanley

Morgan Stanley analyst Joseph Moore raised the firm’s price target on Amkor Technology to $38 from $34 and keeps an Equal Weight rating on the shares. The firm remains positive on longer-term opportunities, but its views on the Outsourced Assembly/Test, or OSAT, cycle and revenue contribution from growth drivers keep it sidelined and slightly cautious on the stock’s “elevated valuation,” the analyst tells investors.