Benchmark Starts Tower Semiconductor (TSEM) at Buy

Benchmark analyst Cody Acree initiates coverage on Tower Semiconductor (NASDAQ: TSEM) with a Buy rating and a price target of $36.00.

The analyst comments "We are initiating coverage of Tower Semiconductor with a Buy rating and setting a $35 price target, or 15.4x our FY24 EPS estimate of $2.28. Tower Semiconductor is in our opinion a unique, undervalued, high-growth, high-cash-flow, lesser-known, specialty semiconductor outsource manufacturing story that offers investors participation in some of the fastest growing themes of the technology industry, including Artificial Intelligence, 5G Cellular & Infrastructure, High-Speed Communications, High-End Consumer, Industrial Automation, Automotive, Medical, and Aerospace and Defense applications. Since Russell Ellwanger was appointed CEO in 2005, Tower has made dramatic improvements in the competitiveness of its specialty analog foundry technologies and has significantly expanded the scale of its manufacturing capabilities, both technologically and through the increased physical scope of its production assets. In our view, Tower has strategically positioned itself to become the leader in the design and manufacture of many of the economy’s newest technologies, providing the company with the benefit of large high growth markets, limited competition, comparatively stable pricing, and accretive profit margins and cash flows."

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 $23.34 yesterday.

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