BofA initiates coverage on Amkor with buy rating, price target $70

Bank of America has launched coverage on Amkor Technology with a Buy rating and a $70 price target, betting that the semiconductor packaging company is positioned to capture an outsized share of the AI infrastructure buildout. The thesis centers on two forces: surging demand for advanced packaging and Amkor’s aggressive capacity expansion to meet it. The call lands at an interesting moment. Amkor just posted record Q2 2026 revenue of $1.9B, a 26% jump year-over-year, and has locked in long-term deals with two of the most important names in chips. BofA is actually the more conservative voice in the room. The advanced packaging thesis Amkor is the world’s largest independent outsourced semiconductor assembly and test provider, or OSAT in industry shorthand. Advanced packaging has become the bottleneck everyone is scrambling to solve. As AI chips get more complex, stacking and connecting multiple chiplets together in sophisticated packages has become just as important as the transistor design itself. UBS upgraded Amkor to Buy in July 2026 with a $90 price target, a full $20 above BofA’s number. B. Riley, meanwhile, raised its own target to $70 but kept a Neutral rating, essentially sa...