Ascendiant Capital analyst Cody Acree reiterated a Buy rating and boosted his price target on TowerJazz (NASDAQ: TSEM) to $15.00 (from $12.00) following Q1 results as improved visibility and cost reductions drive meaningfully positive EPS revisions.

Acree comments, "With the combination of strong organic growth, improving visibility, and the addition of the Panasonic Joint-Venture, Tower Semi turned in a solid March quarter, with revenue and EPS upside, which was paired with an equally positive outlook for the June quarter."

He added, "With our higher numbers, an improving outlook, strong contribution from the JV, & significant cost savings from the Nishiwaki closure, we maintain our Buy rating and are increasing our target price to $15 from $12."

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Shares of Tower Semiconductor closed at $8.60 yesterday.