Drexel Hamilton Reiterates Buy on Tower Semiconductor (TSEM) Following Positive 2Q Report
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Drexel Hamilton reiterated a Buy rating and $28.00 price target on Tower Semiconductor (NASDAQ: TSEM) following the company's 2Q earnings report. Sales grew 10% sequentially and 29% year-over-year. Adjusted EPS was $0.39, vs the consensus of $0.35. Q3 guidance is for another 6.5% of sequential growth to a mid-point of $325 million, vs the consensus of $311 million.
Analyst Cody Acree commented, "Continuing its string of increasingly positive quarters, Tower delivered a very strong June performance and gave equally encouraging guidance, with upside to our expectations across most all metrics. Maybe even more important than the absolute top and bottom line numbers was the fact that we believe the company simply posted a very clean upside and outlook, with no ambiguity and nothing that had to be explained, or adjusted for."
Shares of Tower Semiconductor closed at $15.28 yesterday.
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