Drexel Hamilton Reiterates Buy on Tower Semiconductor (TSEM) Following Positive 2Q Report
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Drexel Hamilton Raises Price Target on Workday (WDAY) Following 3Q Beat
- Western Digital (WDC): Analyst Day Preview - Susquehanna
- Cowen Cuts Price Target on Workday (WDAY) Following 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View
Related EntitiesEarnings, Drexel Hamilton
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!