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Investing.com - JPMorgan upgraded Macronix (OTC:MXICF) from Underweight to Neutral and more than doubled its price target to NT$35.00 from NT$16.00 on Wednesday.
The upgrade reflects JPMorgan’s view that Macronix will benefit from legacy NAND tailwinds due to international peers’ reduced focus in this segment, along with improving visibility for ROM shipments as customers enhance their supply chain management.
JPMorgan now forecasts Macronix to achieve breakeven in 2026, a year earlier than its previous estimate of 2027, setting its June 2026 price target based on 1.5x 2026E P/B, which aligns with the company’s 10-year P/B median and average of 1.4x and 1.6x.
Despite the upgrade, JPMorgan maintained a Neutral rather than Overweight rating, citing a more challenging ROM competitive landscape for Macronix in the current game console cycle, while noting that NOR remains in the inventory digestion phase.
The firm also expressed concerns about MLC NAND ramp-up progress, suggesting these factors collectively make Macronix’s EPS improvement potential weaker than Taiwan DRAM players like Nanya Tech and Winbond in the second half of 2025 and 2026.
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