Needham & Company Raises Price Target on Tower Semiconductor (TSEM) Following 3Q Beat and Raise
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Needham & Company reiterated a Strong Buy rating on Tower Semiconductor (NASDAQ: TSEM), and raised the price target to $25.00 (from $20.00), following the company's 3Q earnings report. Tower reported record revenue at $326 million, a 7% Q/Q and 34% Y/Y increase. EPS beat at $0.48 compared to previous estimates of $0.41. Management increased its guidance for the third quarter to $340 million, above the street’s $331.5 million.
Analyst Rajvindra Gill commented, "TSEM posted a beat and raise qrt- with revenue of $326 million, non-GAAP EPS of $0.48, and GM of 25.9%. Based on the 4Q revenue guidance, the company is on track to achieve a $1.25 billion annualized run-rate, a $166 million annualized net profit and over $100 million of free cash flow this year or $1/share and $200 million in 2017 or $2/share. TSEM continues to gain market share in the CMOS image sensor space as well as its RF front-end module space and is increasing its utilization rates across all Fabs. Net, we continue to be optimistic towards TSEM’s business model and ability to increase net profit, margins, and free cash flow and are increasing our price target to $25."
Shares of Tower Semiconductor closed at $16.57 yesterday.
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