Amkor Technology’s shares jumped 8.9% in pre-market trading to around $52.70 on Tuesday after BofA Securities initiated coverage with a buy rating and a $70 price target, implying a 45% upside from the previous close of $48.40.
The firm’s valuation is based on 21 times its 2028 earnings per share estimate, with projected EPS rising from $1.51 in 2025 to $3.41 by 2028, a compound annual growth rate of approximately 31%. Analysts attribute the growth outlook to improved factory utilization and a shift toward higher-value product lines.
Amkor reported record revenue of $1.9 billion and adjusted earnings of $0.70 per share for the second quarter of 2026, exceeding Wall Street expectations of $0.48 per share. The company’s recent financial performance reflects strong demand in advanced semiconductor packaging, a segment benefiting from AI infrastructure build-outs.
BofA’s coverage highlights long-term strategic agreements with TSMC and Nvidia as key drivers of Amkor’s growth trajectory. The broader market context also supported sentiment, with the Nasdaq Composite up about 1% and the S&P 500 modestly higher, signaling a risk-on environment in U.S. equities.
