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Wedbush downgrades UMC to Neutral on lack of catalysts

Wedbush downgraded UMC (UMC) to Neutral from Outperform with a price target of NT$45, down from NT$50. The firm believes mature node foundry is one of the most vulnerable areas in technology to “future demand shocks.” The analyst sees a lack of intermediate term catalysts for the shares but believes UMC’s Q2 estimates “might be achievable.”

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