Procore stock price target raised to $90 from Goldman Sachs on stabilizing growth
Investing.com - UBS downgraded Nanya Technology Corp (TPE:2408) from Buy to Neutral on Tuesday, while simultaneously raising its price target to NT$140.00 from NT$110.00.
The Taiwan-based DRAM manufacturer has seen its stock price surge 382% year-to-date, including a 65% jump in the past four weeks alone, according to UBS. This significant rally has pushed the stock’s valuation to 2.17 times its estimated 2026 book value, well above its 10-year average of 1.21 times.
UBS noted positive supply-demand dynamics for Nanya, as DDR memory demand currently exceeds supply. The firm explained that major DRAM manufacturers must prioritize large customers, making it impossible for them to fulfill incremental DDR4 production requests from other clients.
This market condition benefits Nanya Technology, as DDR4 represents approximately 58% of the company’s estimated 2025 revenue, according to UBS’s analysis. The investment bank has revised its 2026/27 earnings per share estimates 35%/55% higher than the current market consensus.
Despite these positive factors, UBS believes Nanya shares now reflect a long-term return on equity of 17.4%, compared to its 10-year average of 13.0%, which aligns with UBS’s own estimate of 17.7% - suggesting the stock is fairly valued at current levels.
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