Top Wall Street Forecasters Revamp Tower Semiconductor Price Expectations Ahead Of Q3 Earnings

Tower Semiconductor Ltd. TSEM will release earnings results for its third quarter, before the opening bell on Wednesday, Nov. 13.

Analysts expect the Migdal Haemek, Israel-based company to report quarterly earnings at 53 cents per share, down from 54 cents per share in the year-ago period. Tower Semiconductor projects to report revenue of $370.32 million for the quarter, compared to $358.17 million a year earlier, according to data from Benzinga Pro.

On July 24, Tower Semiconductor reported a fiscal second-quarter 2024 revenue decline of 1.7% year-on-year to $351.2 million, beating the analyst consensus estimate of $350.1 million.

Tower Semiconductor shares fell 7.6% to close at $43.10 on Tuesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

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Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period.

• Benchmark analyst Cody Acree reiterated a Buy rating with a price target of $55 on Sept. 9. This analyst has an accuracy rate of 82%.
• Craig-Hallum analyst Richard Shannon maintained a Buy rating and boosted the price target from $40 to $44 on May 10. This analyst has an accuracy rate of 74%.
• Susquehanna analyst Medhi Hosseini upgraded the stock from Neutral to Positive and increased the price target from $36 to $55 on May 10. This analyst has an accuracy rate of 74%.

Considering buying TSEM stock? Here’s what analysts think:

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