Deutsche Bank analyst Sidney Ho lowered the price target on Amkor Technology (NASDAQ: AMKR) to $7.00 (from $10.00) while maintaining a Hold rating following the company's 3Q earnings report. 3Q revs of $1.14b (up +7% q/q) came in at the mid-point of guidance ($1.10$1.18b). EPS of $0.24 was above the high end of guidance of $0.12$0.23.

3Q iOS ecosystems accounted for the majority of the q/q growth. While smartphone unit sales are expected to moderate going forward, AMKR continues to see opportunities to increase its revenue per device through new smartphone features, increased package integration and a migration of features from high end smartphones to mid range phones.