Drexel Hamilton Reiterates Buy on Tower Semiconductor (TSEM) Following 3Q Beat
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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."
Shares of Tower Semiconductor closed at $16.57 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesEarnings, Drexel Hamilton
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