Shares of Amkor Technology (AMKR) plummeted 5.08% during Monday's intraday trading session. The decline comes as the semiconductor packaging and test services provider prepares to release its second-quarter earnings report after the closing bell today.
Analysts expect the Tempe, Arizona-based company to report quarterly earnings of 47 cents per share, a significant increase from 22 cents per share in the year-ago period, with consensus revenue estimates of $1.8 billion. Despite recently announcing a multi-year partnership with Nvidia to develop advanced semiconductor packaging and test technologies for next-generation AI platforms, the stock faced selling pressure.
Recent analyst actions have been mixed. While Needham maintained a Buy rating with a $90 price target and JP Morgan kept an Overweight rating, B. Riley Securities maintained a Neutral rating and cut its price target from $90 to $75 on July 22. Goldman Sachs and Morgan Stanley also maintained Neutral and Equal-Weight ratings respectively, suggesting tempered expectations heading into the earnings release.