SoundView Upgrades Amkor Technology to 'Outperform'

Analyst Mehdi Hosseini says he thinks the second quarter is tracking ahead of expectations

SoundView upgraded Amkor Technology (AMKR ) to outpeform from neutral.

Analyst Mehdi Hosseini says he thinks the second quarter is tracking ahead of expectations, and is mainly driven by better-than-expected strength in orders from its consumer and multi-application-centric customers. With flexibility in capital spending, he thinks revenue contribution from new customers will finally become significant. He believes Amkor is currently engaged in negotiations with a number of companies for new outsourcing agreements.

Given the revenue opportunity and leverage in Amkor's operating model, Hosseini narrowed the 35-cent 2003 loss estimate to a 26-cent loss, and raised the 37 cents 2004 earnings per share to 70 cents. He also upped his $9 target to $16.

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