Goldman Sachs Starts Amkor (AMKR) at Neutral Amid Stable Semi Cycle and China Tailwinds

Amkor Technology Inc. (NASDAQ:AMKR) is one of the most oversold semiconductor stocks so far in 2025. On July 10, Goldman Sachs analyst James Schneider began coverage of Amkor Technology with a Neutral rating and a $20 price target, as part of a broader initiation on U.S. semiconductor capital equipment, storage, and foundry names.

The analyst categorizes the current industry environment as being in the mid-cycle, which for Amkor specifically translates into a relatively stable revenue outlook over the next 18–24 months. Schneider sees limited upside catalysts in the near term but does not foresee major downside risks either, suggesting a “wait and watch” approach is warranted for now.

Close-up of Silicon Die are being Extracted from Semiconductor Wafer and Attached to Substrate by Pick and Place Machine. Computer Chip Manufacturing at Fab. Semiconductor Packaging Process.

From a geographic standpoint, he thinks that China appears more of an opportunity rather than a threat for companies in the semiconductor supply chain, including outsourced assembly and test providers like Amkor. While geopolitical uncertainties remain a factor, China could drive demand in areas such as consumer electronics and mobility, and thus could offer some tailwinds.

One area where Goldman does see upside for the industry is in storage, particularly with a potential NAND recovery into 2026. Although Amkor is not a pure-play on this segment, strength in memory and storage markets could indirectly benefit the company through increased packaging demand tied to those end-markets.

Amkor Technology Inc. (NASDAQ:AMKR) provides outsourced semiconductor packaging and test services.

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