Stock Track | SMIC Soars 6.88% to Record High on Goldman Sachs' Buy Rating and Positive Sector Trends

Stock Track
Sep 17

Semiconductor Manufacturing International Corporation (SMIC) experienced a significant surge of 6.88% during Wednesday's intraday trading, reaching an all-time high. The stock's robust performance comes amid strong gains in the lithography equipment index and overall strength in semiconductor stocks.

The rally was further fueled by a bullish research report from Goldman Sachs, which issued a buy rating for SMIC and raised its target price to HK$73.1. The investment bank expressed optimism about the company, citing demand-driven utilization, gross margin recovery, stable capacity expansion, and new opportunities in the AI sector. Goldman Sachs forecasts SMIC's third-quarter performance to act as a positive catalyst, projecting sequential revenue growth of 5%-7% and gross margins between 18%-20%.

As the semiconductor industry continues to show strength, SMIC's surge reflects growing investor confidence in the company's prospects and the broader sector's potential. The stock's impressive trading volume, reaching HK$5.341 billion, underscores the heightened interest from market participants. With SMIC's strategic positioning in the semiconductor market and positive analyst outlook, the company appears well-positioned to capitalize on the industry's momentum.

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