BofA Securities increased its price target for ASE Technology Holding Co. (NYSE:ASX) to $58 from $51. The firm maintained its "Buy" rating on the stock. The new target suggests significant upside from the company's current trading price.
Strong third-quarter 2026 sales prompted the decision. Sales increased 28% quarter-over-quarter. This performance surpassed previous guidance.
The firm highlighted better-than-expected revenue from its Integrated Circuit Assembly, Testing, and Material (IC ATM) and Electronics Manufacturing Services (EMS) segments. BofA analysts noted that price increases in packaging and testing drove this growth. Tight industry supply contributed to these price increases. Seasonal builds for major customers, including Apple, also fueled the growth.