Cowen Cuts Price Target on ChipMOS (IMOS) Following September's Revenue Report

Cowen reiterated an Outperform rating on ChipMOS (NASDAQ: IMOS), and cut the price target to $21.00 (from $23.00), following the report of the company's September monthly revenue. IMOS reported revenue of ~$49MM, which is spot in line with 10-year median seasonal.

Analyst Timothy Arcuri commented, "IMOS reported September monthly revenue in line w/normal seasonal. CQ3 revenue on constant currency basis was down ~5% Q/Q, or in line w/company guide of down 2-7%, and IMOS is reiterating CQ3 gross margin guidance as well. We are trimming estimates primarily due to a more realistic gross margin view and new USD/NTD. Target $23 to $21, see China deal and share structure collapse as key NT events."

For an analyst ratings summary and ratings history on ChipMOS click here. For more ratings news on ChipMOS click here.

Shares of ChipMOS closed at $17.04 yesterday.

You May Also Be Interested In

• RBC Capital Downgrades Range Resources (RRC) to Sector Perform
• Morgan Stanley Downgrades Envista Holdings Corp. (NVST) to Equalweight
• WNS Limited (WNS) PT Lowered to $64 at TD Cowen