IMOS stock is currently trading at $18.60, reflecting a recent decline due to weaker Q4 results, with revenue down 5.7% year-over-year. However, the company projects a 6.3% revenue growth for FY2024, supported by stabilization in memory and normalization of inventory levels, which could drive a recovery. Bulls may view the stock as undervalued at this level, with potential upside if the FY2024 growth materializes.