Drexel Hamilton Reiterates Buy on Tower Semiconductor (TSEM) Following 3Q Beat

November 15, 2016 8:23 AM EST
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Price: $20.31 +0.99%

Rating Summary:
    8 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 21 | New: 54
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Drexel Hamilton reiterated a Buy rating and $28.00 price target on Tower Semiconductor (NASDAQ: TSEM) following the company's 3Q earnings report. TSEM reported revenue of $326 million, above the Street consensus of $325 million. Adjusted EPS was $0.48, exceeding the Street consensus of $0.41. The company is guiding December quarter sales to $340 million, above the prior Street consensus $331.5 million.

Analyst Cody Acree commented, "Tower’s Q3 report looks solid across the board, on upside to revenue and margin leverage leading to a substantially better than expected earnings. Equally encouraging, the company is guiding December quarter revenue to be $10 million above our expectations, which will also likely drive EPS estimates higher."

For an analyst ratings summary and ratings history on Tower Semiconductor click here. For more ratings news on Tower Semiconductor click here.

Shares of Tower Semiconductor closed at $16.57 yesterday.

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