Bank of America Begins Coverage on Tower Semiconductor (NASDAQ:TSEM)

Equities research analysts at Bank of America initiated coverage on shares of Tower Semiconductor (NASDAQ:TSEM) in a research note issued to investors on Friday,Benzinga reports. The brokerage set a “buy” rating and a $367.00 price target on the semiconductor company’s stock. Bank of America‘s target price points to a potential upside of 63.33% from the stock’s previous close.

A number of other equities analysts have also weighed in on TSEM. Benchmark reiterated a “buy” rating on shares of Tower Semiconductor in a research report on Wednesday. Wedbush upped their price target on Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. UBS Group restated a “buy” rating on shares of Tower Semiconductor in a research report on Wednesday, July 15th. Susquehanna raised their target price on shares of Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research note on Thursday, May 14th. Finally, National Bank Financial upgraded shares of Tower Semiconductor to a “buy” rating in a report on Friday. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $294.80.

Tower Semiconductor Trading Up 6.4%

NASDAQ:TSEM opened at $224.70 on Friday. Tower Semiconductor has a one year low of $45.51 and a one year high of $319.94. The business has a fifty day moving average price of $244.88 and a 200-day moving average price of $200.48. The firm has a market capitalization of $25.27 billion, a price-to-earnings ratio of 88.81 and a beta of 0.90. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.91 and a quick ratio of 4.92.

Tower Semiconductor (NASDAQ:TSEM) last released its earnings results on Tuesday, August 4th. The semiconductor company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.12. The company had revenue of $460.08 million for the quarter, compared to the consensus estimate of $454.68 million. Tower Semiconductor had a return on equity of 9.83% and a net margin of 16.94%.Tower Semiconductor’s quarterly revenue was up 23.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.41 earnings per share. Sell-side analysts forecast that Tower Semiconductor will post 3.04 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of Tower Semiconductor by 3,222.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,682,152 shares of the semiconductor company’s stock worth $549,779,000 after acquiring an additional 4,541,235 shares during the last quarter. Capital International Investors bought a new position in Tower Semiconductor during the 4th quarter valued at about $222,530,000. Goldman Sachs Group Inc. grew its holdings in Tower Semiconductor by 214.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,206,467 shares of the semiconductor company’s stock valued at $259,083,000 after purchasing an additional 1,505,421 shares during the last quarter. Turiya Advisors Asia Ltd purchased a new stake in Tower Semiconductor in the 4th quarter worth about $172,848,000. Finally, Janus Henderson Group PLC raised its position in Tower Semiconductor by 293.8% in the 4th quarter. Janus Henderson Group PLC now owns 1,074,717 shares of the semiconductor company’s stock worth $126,193,000 after purchasing an additional 801,820 shares during the period. Institutional investors own 70.51% of the company’s stock.

About Tower Semiconductor

Tower Semiconductor, traded on NASDAQ under the symbol TSEM, is a specialty foundry company that provides analog and mixed-signal semiconductor manufacturing services to a broad array of customers worldwide. The company focuses on delivering tailored process technologies for high-growth markets, including radio frequency (RF), power management, imaging, automotive electronics, and Internet of Things (IoT) applications. By combining deep process know-how with flexible manufacturing capabilities, Tower Semiconductor supports the development and volume production of advanced semiconductor devices for fabless and integrated device manufacturer customers.

The company’s technology portfolio spans standard and specialty processes such as CMOS, BiCMOS, high-voltage, radio frequency, silicon photonics, micro-electromechanical systems (MEMS) and image sensor production.