Amkor (AMKR) Hits New High as Analyst Gives "Buy" Reco

We recently published Wall Street Can’t Keep up With These 10 Crushing Stocks; 6 at Fresh Record Highs. Amkor Technology, Inc. (NASDAQ:AMKR) is one of the best-performing on Monday.

Amkor Technology rallied to a fresh record high on Monday, as investors took path from an investment firm’s bullish coverage for its stock.

In intra-day trading, Amkor Technology, Inc. (NASDAQ:AMKR) soared to its highest 52-week price of $38.22 before trimming gains to finish the day just up by 17.22 percent at $37.84 apiece.

In a market note, Aletheia Capital initiated a coverage on the stock with a “buy” recommendation and a price target of $62, marking a 64 percent upside potential from its latest closing price amid its strong position in the outsourced semiconductor assembly and test market.

Last week, Amkor Technology, Inc. (NASDAQ:AMKR) reported improved earnings performance in the third quarter of the year, having incurred an attributable net income of $127 million, or 3 percent higher than the $123 million in the same period last year.

Net sales grew by 6.7 percent to $1.987 billion from $1.862 billion year-on-year.

For the fourth quarter of the year, Amkor Technology, Inc. (NASDAQ:AMKR) expects to rake in $95 million to $120 million in net income, or diluted earnings per share of $0.38 to $0.48.

Net sales were also expected to hit $1.775 billion to $1.875 billion.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.