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SoundView Says 'Buy' Amkor Technology

SoundView sees a buying opportunity for Amkor Technology (AMKR).

Analyst Mehdi Hosseini says second-quarter results, though falling short of his estimate, topped guidance. He notes gross and operating margins continued to improve above his estimate. As the overall semiconductor industry improves, he expects a step-up in outsourcing at both ends of the technology spectrum, and encourages investors to focus on next year's earnings power.

Hosseini narrowed the 26-cent 2003 loss estimate to a 22-cent loss, and raised the 70 cents 2004 earnings per share estimate to 81 cents. Despite near-term volatility, he says he'd use the pullback as buying opportunity toward his revised $20 target (up from $16).

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