Amkor Technology (NASDAQ:AMKR) saw its stock soar 5.10% in intraday trading on Tuesday, rebounding strongly from an initial post-earnings dip. The semiconductor packaging and test services provider's shares climbed following its better-than-expected third-quarter results and positive analyst reactions.

Amkor reported quarterly earnings of 51 cents per share, surpassing the analyst consensus estimate of 42 cents. The company's quarterly sales reached $1.987 billion, also beating the expected $1.932 billion. CEO Giel Rutten highlighted a 31% sequential increase in revenue, driven by strong demand for Advanced packaging, which set a new revenue record. The Communications and Computing end markets also achieved record revenue levels.

Following the earnings release, several analysts raised their price targets for Amkor. Needham analyst Charles Shi maintained a Buy rating and increased the price target from $32 to $37, while JP Morgan's Peter Peng reiterated an Overweight rating and boosted the target from $27 to $32. These upgrades, coupled with maintained positive ratings from other firms like DA Davidson, have helped fuel investor confidence and contributed to the stock's upward movement.

The market's positive reaction comes despite initial concerns about the company's fourth-quarter guidance and the announcement of a new CEO appointment. Investors appear to be focusing on Amkor's strong performance and growth potential in the advanced packaging sector, as well as its strategic moves, including the groundbreaking of a new Advanced packaging and test campus in Arizona.