Zacks senior foreign technology analyst Robert Perri, CFA is keeping his Hold recommendation on Siliconware Precision Industries (SPIL) shares for the time being. We looked into his latest research report to find out some details:

We expect SPIL to report a solid second quarter, as its already-released revenues beat our estimate. The company reported quarterly revenues of approximately $460 million, up 10.8% sequentially, beating our $448 million estimate, and leading us to raise our revenue expectations for the remainder of the year. We have also raised our earnings expectations for 2008 as the solid revenue performance should help boost margins.

We continue to rate shares of SPIL a Hold, however, as the company's stock price is already up around 50% year-to-date, although we have raised our price target to $12.25 over the next six months.

Shares of Siliconware Precision Industries are currently trading at 15.2x our 2007 earnings estimate of $0.77 and 13.5x our new 2008 estimate of $0.87. We believe shares are slightly fairly valued at these levels, as the strong demand for its services has continued to pick up as capacity constraints have remained despite stagnant demand for some semiconductors segments.