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Benzinga

Business

Anusuya Lahiri

UMC Reports February Sales; Goldman Sachs Downgrades To Buy

UMC Goldman Sachs United Microelectronics NYSE United Microelectronics Corp

United Microelectronics Corp (NYSE:UMC) reported a February sales growth of 39.2% year-on-year to NT$20.8 billion (~740 million).
Revenue for the period January - February grew 35.5% Y/Y to NT$41.3 billion.
Related Content: United Microelectronics Tops Q4 Consensus; Sees Market Demand To Exceed Supply
Analyst Rating: Goldman Sachs analyst Bruce Lu downgraded UMC to Buy from Conviction Buy with a price target of NT$71.2, down from NT$114.5 (31.4% upside), as part of a broader research note on Taiwan Semiconductors.
The analyst states that against the backdrop of a higher rate environment, Goldman Sachs macro analysts now expect equity valuations to be pushed lower.
Price Action: UMC shares closed lower by 0.83% at $9.52 on Thursday.

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