Tower Semiconductor (TSEM) Receives a Buy from Needham


In a report released today, Rajvindra Gill from Needham maintained a Buy rating on Tower Semiconductor (NASDAQ: TSEM), with a price target of $20. The company’s shares closed yesterday at $13.98, close to its 52-week low of $13.87.

Gill said:

“We clearly underestimated the impact to TSEM of the general slowdown in China affecting 4Q, but equally importantly, the adverse impact to revenue due to supply shortages at specific customers. This year has been one of bad timing – a mismatch of supply/demand – combined with a market slowdown. Despite the numerous hiccups, we believe the company is now in position to fully ramp its high margin SiGe products, benefit from several product ramps on 300m and continue its “win-win” arrangement with Panasonic.”

According to TipRanks.com, Gill is a 5-star analyst with an average return of 12.6% and a 53.5% success rate. Gill covers the Consumer Goods sector, focusing on stocks such as Everspin Technologies Inc, Smart Global Holdings Inc, and Adesto Technologies Corp.

Currently, the analyst consensus on Tower Semiconductor is a Strong Buy with an average price target of $27, which is a 93.1% upside from current levels. In a report released today, Loop Capital Markets also maintained a Buy rating on the stock with a $28 price target.

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Tower Semiconductor’s market cap is currently $1.38B and has a P/E ratio of 5.16. The company has a Price to Book ratio of 1.26.

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Tower Semiconductor Ltd. engages in the manufacture of integrated circuits. Its products include semiconductors and integrated circuits used in consumer electronics, personal computers, communications, automotive, industrial, and medical device products. The company was founded in 1993 and is headquartered in Migdal Haemek, Israel.

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