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Foreign brokerages raise target prices on Catcher shares

Foreign brokerages raise target prices on Catcher shares

Taipei, April 11 (CNA) Several foreign brokerages recently raised their target prices on shares of Catcher Technology Co. (??) after the Taiwanese metal casing supplier posted record high sales for March. UBS Securities, one of the brokerages, said Catcher will continue to take advantage of its technology lead over its peers to secure more orders from Apple Inc. for iPhone production. Catcher, a long term supplier to Apple, has been dubbed one of the "Apple concept stocks" in the local market. UBS Securities raised its target price on Catcher from NT$350 (US$11.18) to NT$435, the highest among the foreign brokerages, while maintaining an "overweight" rating on the stock. Shares of Catcher closed up 1.16 percent at NT$350.00 on the Taiwan Stock Exchange Friday, when the weighted index on the main board ended up 0.51 percent at 9,617.70 points. Since Catcher released its March sales data on April 7, its share price has climbed 3.86 percent. Catcher posted NT$6.93 billion in consolidated sales for March, a 53.9 increase from February and the highest monthly figure in the company's history. Market analysts attributed the growth to strong demand for Apple's latest iPhone models in the global market. Catcher reported NT$17.4 billion in consolidated sales for the first quarter, up 2.3 percent from the previous quarter and 67.1 percent year-on-year. The first quarter figure was also the highest ever recorded by the company in a single quarter. Meanwhile, Credit Lyonnais Securities Asia (CLSA) forecast that Catcher will benefit from growing shipments to HTC Corp. (???) and Sony Corp. for production of their latest flagship smartphone models. Catcher's second-quarter consolidated sales are likely to exceed NT$20 billion, rising about 16 percent from the previous quarter, CLSA forecast. It projected that Catcher's earnings per share will climb to NT$29.8 in 2015, and NT$34 in 2016, compared with NT$23.21 last year. As a result, CLSA said, it has raised its target price on Catcher shares to NT$408 from NT$374 and maintained its "buy" rating on the stock. In similar vein, Barclays Capital raised its target price on Catcher shares to NT$420 from NT$350, while Credit Suisse has upgraded its target price on the stock to NT$394 from NT$375. (By Lo Hsiu-wen and Frances Huang)


Updated : 2021-09-25 00:17 GMT+08:00