Nomura/Instinet Downgrades United Microelectronics (UMC) to Neutral

Nomura/Instinet analyst Aaron Jeng downgraded United Microelectronics (NYSE: UMC) from Buy to Neutral.

The analyst comments "In our upgrade note, we concluded that UMC's strategy of not chasing Moore's Law was the right move, and the investment risk-reward was acceptable for us to raise our recommendation, at a time when demand outlook was still stable (before the China-US trade war). However, with weakening tech demand driven by macro uncertainties ('Speculation vs. reality Part II', 12 Oct 2018), UMC - being second-tier foundry - would have no choice but to endure order reductions."

For an analyst ratings summary and ratings history on United Microelectronics click here. For more ratings news on United Microelectronics click here.

Shares of United Microelectronics closed at $2.22 yesterday.

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