In a midday note Wednesday, Deutsche Bank upgraded United Microelectronics Corp (ADR) UMC from Hold to Buy and raised the price target from NT$14 to NT$15.
While Deutsche Bank analysts did note that third quarter earnings of $0.038 per share were below their forecast of $0.045, the company did up the guidance on better-than-expected earnings growth. The company also looks for foundry margins in the mid 20 percent range versus previous forecast in the low 20 percent range.
Shares of United Microelectronics were trading higher by 6.47 percent at $2.14.
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