B. Riley starts Amkor with Buy, sees 47% potential upside

B. Riley analyst Craig Ellis last night initiated coverage of Amkor Technology with a Buy rating and $35 price target, which represents 47% potential upside. Amkor is a U.S.-based outsourced assembly and test provider that is the second largest globally and a leader in technologies critical to many blue-chip hardware and chip company intermediate- and long-term product roadmaps, the analyst tells investors in a research note. The firm estimates the company’s total addressable market exceeds $40B with a 6%-8% annual growth long-term, helped by “powerful and early-innings” advanced packaging tailwinds. The firm sees the stock’s recent weakness as an overreaction to the late-Q3 secondary offering.