Goldman Sachs Upgrades United Microelectronics (UMC) to Neutral
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Price: $2.16 +3.35%
Rating Summary:
2 Buy, 5 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 24 | Down: 17 | New: 24
Rating Summary:
2 Buy, 5 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 24 | Down: 17 | New: 24
Trade UMC Now!
Goldman Sachs upgraded United Microelectronics (NYSE: UMC) from Sell to Neutral with a price target of $2.20.
The firm comments, "Since we downgraded UMC (2303.TW) to Sell on May 31, 2012 and its ADR to Sell July 20, 2008, respectively, the stocks have declined 18.7% and 34.2% vs. TAIEX -0.2%/+3.1%, respectively. In the past 12 months, UMC (2303.TW) is down 17.8% vs. TAIEX -4.4%. We remain bearish on UMC’s long-term market share and ROE outlook due to intensifying competition from GlobalFoundries and Samsung as second-source foundries. However, UMC is a cyclical stock and we believe its valuation has likely reached a trough level in a moderate inventory correction in 4Q12E-1Q13E."
For an analyst ratings summary and ratings history on United Microelectronics click here. For more ratings news on United Microelectronics click here.
Shares of United Microelectronics closed at $1.87 yesterday, with a 52 week range of $1.78-$2.77.
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The firm comments, "Since we downgraded UMC (2303.TW) to Sell on May 31, 2012 and its ADR to Sell July 20, 2008, respectively, the stocks have declined 18.7% and 34.2% vs. TAIEX -0.2%/+3.1%, respectively. In the past 12 months, UMC (2303.TW) is down 17.8% vs. TAIEX -4.4%. We remain bearish on UMC’s long-term market share and ROE outlook due to intensifying competition from GlobalFoundries and Samsung as second-source foundries. However, UMC is a cyclical stock and we believe its valuation has likely reached a trough level in a moderate inventory correction in 4Q12E-1Q13E."
For an analyst ratings summary and ratings history on United Microelectronics click here. For more ratings news on United Microelectronics click here.
Shares of United Microelectronics closed at $1.87 yesterday, with a 52 week range of $1.78-$2.77.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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