Oppenheimer maintains an 'Outperform' on Tower Semiconductor (TSEM); Continues to Make Progress

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

Oppenheimer analyst said, "TSEM recently posted in-line 3Q11 results while guiding a flat 4Q11 on the top line. We view this as a positive for two reasons. 1) For the year, we estimate Tower will grow revenue 20% while its closest comparables will be flat to down. 2) It shows off the flexibility developed from the acquisition of the Nishiwaki plants; low utilization at some plants is being offset by high rates at others. The company is no longer levered to one type of technology. More importantly, we recently saw the early termination of debt and an expectation that the company's cash will further pay down the next tranche as it becomes due. We believe balance sheet improvement will continue, and maintain our rating."

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 $0.67 yesterday.

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