Goldman Sachs Upgrades United Microelectronics (UMC) to Neutral

November 12, 2012 7:40 AM EST Send to a Friend
Get Alerts UMC Hot Sheet
Price: $2.20 +0.92%

Rating Summary:
    3 Buy, 5 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 12 | New: 23
Trade UMC Now!
Join SI Premium – FREE
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.


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Upgrades

Related Entities

Goldman Sachs

Add Your Comment