Amkor Technology surged 8.9% in pre-market trading on Thursday, lifting its stock toward $52.70 after BofA Securities initiated coverage with a Buy rating and a $70 price target.
The analyst cited a projected compound annual growth rate of roughly 31% in earnings per share through 2028, anchored to a 21-times multiple of BofA’s above-consensus 2028 EPS estimate. BofA projects Amkor’s EPS to climb from $1.51 in 2025 to $3.41 by 2028, driven by improving factory utilization and a shift toward higher-value product lines.
The upgrade follows Amkor’s record second-quarter results in 2026, with revenue of $1.9 billion and EPS of $0.70, both exceeding Wall Street estimates. The company’s strategic partnerships with TSMC and Nvidia have bolstered visibility into its advanced semiconductor packaging growth trajectory.
The broader U.S. equity market showed a risk-on tone, with the Nasdaq Composite up nearly 1% and the S&P 500 modestly higher at the time of publication. The advanced packaging sector continues to benefit from surging demand for AI infrastructure, a trend reinforced by strong first-half 2026 results from peer JCET Group.
Amkor Technology closed at $48.40 on Wednesday, leaving the stock roughly 45% below BofA’s $70 target based on prior-session pricing.
