.July 15, 2024 09:08:00 AM

Amkor Technology (NASDAQ:AMKR) saw a 2% pre-market rise after Melius analysts upped their price target to $55 from $41, maintaining a Buy rating. The company is a leader in semiconductor packaging and test services, with Apple as its top customer, accounting for over 25% of sales. Analysts predict a supercycle driven by increased iPhone 16 builds, new Apple headphones, and packaging revenue for AI chips from Nvidia. They expect EPS to reach $4 with peak gross margins over 20% by 2026, leading to the revised price target.