Citi analyst Laura Chen upgraded UMC to Buy from Neutral with a price target of NT$65, up from NT$46. While previously skeptical about the sustainability of DDIC momentum, the firm’s recent checks suggest that orders for TV could continue ramping into Q3. Good progress in Novatek’s AMOLED drive IC, which the firm believes will penetrate iPhones in 2024, would be supportive of UMC’s 28nm long-term growth from a foundry perspective, the firm adds.
Published first on TheFly
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