Oppenheimer Maintains an 'Outperform' on Tower Semiconductor (TSEM); A Few Bumps, But A Lot To Like

August 28, 2012 9:11 AM EDT
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Price: $20.36 +1.19%

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Oppenheimer maintains an 'Outperform' on Tower Semiconductor (NASDAQ: TSEM) price target of $12.00 (from $1.50).

Analyst, Andrew Uerkwitz, said, "Tower Semiconductor (TowerJazz) recently reported 2Q12 results that were mostly in line with expectations. Weak third-quarter guidance reflects macro-related issues as the company believes it is gaining share in several categories. Other noteworthy items from the quarter: the company's Indian project was approved to move to the next step with a resolution expected by year-end; TowerJazz completed a 1-for-15 reverse stock split to remain listed on NASDAQ; and the company continues to inch forward on a capital notes resolution with Bank Hapoalim and Bank Leumi able to get a portion of its shares registered with the SEC. The balance sheet is getting stronger as the company generated $33M in operating cash (net of restructuring)."

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 $7.04 yesterday.

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