12:30 AM EDT, 04/30/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our price target by $4 to $35, 12x our '25 EPS view, near AMKR's 5-year average (~11x). We raise our '24 EPS view by $0.18 to $1.91 and lift '25's by $0.06 to $2.88. AMKR posts Q1 sales of $1.37B (-7% Y/Y) and EPS of $0.24 (+33%), which is near consensus, with Q1 as the expected trough for the year. Its new Vietnam factory is qualifying products and on track for a production ramp in 2H. This is especially encouraging given Q1's strength in Consumer (+6% Y/Y) on higher IoT wearables demand (which this facility will produce). We expect softness in Automotive & Industrial (-22%) to drag down near-term results given industry weakness and AMKR's auto leadership. Other markets all appear to have upside, led by Computing (-4%), with 2.5D packaging capacity (and sales) expected to triple Y/Y in '24, fueled by AI computing demand, which we see as sustainable. AMKR provided an encouraging smartphone forecast on low Android inventory levels, but we expect more meaningful benefits in '25 as AI enters more devices.