Wedbush Issues Positive Forecast for Tower Semiconductor (NASDAQ:TSEM) Stock Price

Tower Semiconductor (NASDAQ:TSEMGet Free Report) had its price target raised by equities researchers at Wedbush from $140.00 to $300.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the semiconductor company’s stock. Wedbush’s target price would indicate a potential upside of 10.85% from the company’s previous close.

Several other research analysts have also recently weighed in on TSEM. Barclays increased their price objective on Tower Semiconductor from $114.00 to $142.00 and gave the stock an “equal weight” rating in a research report on Friday, February 13th. Susquehanna restated a “positive” rating and set a $180.00 target price on shares of Tower Semiconductor in a research report on Thursday, February 12th. Finally, Benchmark boosted their price target on Tower Semiconductor from $165.00 to $230.00 and gave the company a “buy” rating in a research note on Thursday, March 26th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Tower Semiconductor has a consensus rating of “Hold” and a consensus price target of $213.00.

Read Our Latest Stock Analysis on TSEM

Tower Semiconductor Price Performance

TSEM opened at $270.64 on Thursday. The company has a fifty day moving average price of $183.00 and a two-hundred day moving average price of $139.55. The firm has a market capitalization of $30.43 billion, a PE ratio of 139.42 and a beta of 0.85. Tower Semiconductor has a 52 week low of $37.48 and a 52 week high of $271.92. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.51 and a current ratio of 6.48.

Tower Semiconductor (NASDAQ:TSEMGet Free Report) last released its earnings results on Wednesday, May 13th. The semiconductor company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. The firm had revenue of $413.63 million for the quarter, compared to analyst estimates of $410.72 million. Tower Semiconductor had a return on equity of 7.86% and a net margin of 14.08%.The company’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.35 earnings per share. As a group, analysts anticipate that Tower Semiconductor will post 2.64 earnings per share for the current year.

Institutional Investors Weigh In On Tower Semiconductor

Several institutional investors and hedge funds have recently added to or reduced their stakes in TSEM. USA Financial Formulas purchased a new stake in shares of Tower Semiconductor during the fourth quarter worth $27,000. CIBC Private Wealth Group LLC boosted its holdings in shares of Tower Semiconductor by 254.2% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 300 shares in the last quarter. Westside Investment Management Inc. increased its position in shares of Tower Semiconductor by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 452 shares of the semiconductor company’s stock valued at $34,000 after purchasing an additional 226 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of Tower Semiconductor during the 3rd quarter valued at about $48,000. Finally, Covestor Ltd purchased a new stake in Tower Semiconductor in the third quarter worth approximately $52,000. Hedge funds and other institutional investors own 70.51% of the company’s stock.

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Tower Semiconductor Company Profile

(Get Free Report)

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.

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