Amkor Technology price target raised to $29 from $26 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Amkor Technology (AMKR) to $29 from $26 and keeps a Neutral rating on the shares. Goldman expects the stock to be range bound following a quarter where revenue and margin results came in above Street expectations, primarily driven by stronger Communications business, the analyst tells investors in a research note. While Amkor continues to benefit from market tailwinds in advanced packaging, as well as a recovery in its smartphone business, there is limited upside in the stock until the company can drive stronger operating leverage in the model, Goldman says.