Siliconware Precision (SPIL) Positives Priced In; Deutsche Bank Cut to Hold

Deutsche Bank downgraded Siliconware Precision Industries (NASDAQ: SPIL) from Buy to Hold. Analyst Michael Chou believes positives are priced in.

"We downgrade our rating from Buy to Hold as our target price of NT$40 implies only 2% upside potential (including 4% 2013 dividend yield). We believe the market has discounted positives as the current 2014 P/B of 1.9x is higher than the mid-cycle average of 1.8x. We remain positive on SPIL's share gain in Qualcomm. However, we foresee limited upside to our 2014 EPS forecast due to rising competition from Powertech and STATS ChipPAC for flipchip packaging/testing," said Chou.

For an analyst ratings summary and ratings history on Siliconware Precision Industries click here. For more ratings news on Siliconware Precision Industries click here.

Shares of Siliconware Precision Industries closed at $6.75 yesterday.

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