安靠科技二季度盈利超预期但三季度收入指引低于共识，盘前大跌

Amkor (AMKR) shares tumbled more than 10% during pre-market trading on Tuesday following second quarter financial results that produced record revenue and a stronger-than-expected gross margin.
However, the semiconductor packaging and test services company's third quarter revenue outlook fell a bit short of the consensus estimate. Still, analysts remained mostly positive on the results and the overall outlook.
"AMKR delivered a record 2Q and, more importantly, guided 3Q to another record with gross margin stepping to levels the Investor Day model did not contemplate until CY28, supporting our thesis that the AI-driven advanced packaging cycle would inflect AMKR's earnings power sooner than the Street appreciated," said J.P. Morgan analyst Mayur Ramdhani in a Tuesday note.
The results prompted J.P. Morgan to reiterate its Overweight rating and set an $85 price target on the stock.
"CY26 now tracks to ~$7.7B revenue, ~17.8% GM, and ~$2.73+ EPS, hitting AMKR's Investor Day 2028 targets two years early, with 2027 growing through a manageable 1-2pt AZ OpM drag, and the 2030 model ($11B+ / 22%+ / $5.00+) in our view increasingly shaping up to be a floor," Ramdhani added.
Amkor provided an update on its semiconductor campus in Peoria, Ariz., which remains fully committed ahead of production.
"Phase 1 Arizona is now fully committed, and the NVIDIA prepayment ($1.5bn, to be received in 2027 and booked as deferred revenue, returned to the customer as services are delivered; Amkor owns the capex separately and the prepayment does not reduce gross capex)," said Morgan Stanley analyst Joseph Moore in a Tuesday note.
Morgan Stanley retained its Equal-weight rating and nudged its price target up to $70 from $69.
"2027 brings a 1-2% operating margin headwind as Arizona startup costs ramp in OpEx, and 2028 brings a second wave of GM% dilution as those costs flip into COGS from an underutilized new facility," Moore added. "Comms adds near-term complexity, with Q3 guided down high-single-digits sequentially—~50% strategic SiP migration from Korea to Vietnam (a multi-quarter dynamic extending into Q4 and 1H27), ~50% market-driven Android softness, and memory constraints."