As previously reported, Goldman Sachs downgraded UMC to Neutral from Buy with a price target of $8.90, down from $10.20. The firm is now seeing incremental downside towards its overall pricing outlook into 2024 on the back of the intensifying competition from mainland China as well as the potentially weaker rebound of end demand recovery and therefore lowers its like-to-like average selling price assumptions to down 7% and down 2% for 8-inch and 12-inch wafers, respectively.
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Read More on UMC:
- United Microelectronics’ (NYSE:UMC) Top Line Declined by ~19% in December
- UMC reports December revenue NT$16.98M, down 18.94%
- United Microelectronics put volume heavy and directionally bearish
- Largest borrow rate increases among liquid names
- United Microelectronics call volume above normal and directionally bullish
