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- Jefferies analyst Mark Lipacis raised the price target on Tower Semiconductor Ltd (NASDAQ:TSEM) to $46 from $42 and kept a Buy after hosting the management team for a day of investor meetings. The price target implies an upside of 19%.
- The team reiterated its calendar 2022 net income margin target of 15% and expects margins to benefit year-over-year from a richer mix and average selling price increases implemented in 2021 while also saying that it has visibility into 2024, according to Lipacis.
- He continues to view Tower as a beneficiary of longer-term tailwinds as its product cycles in 8"/12" RF-SOI, SiPho, SiGe, and Power Management give it exposure to secular markets, the analyst added.
- Tower reported Q3 FY21 revenue growth of 25% year-on-year to $386.7 million, beating the consensus of $384.97 million.
- Tower sees mid-range Q4 revenue of $410 million, with an upward or downward range of 5%, versus the consensus of $393.5 million.
- Price Action: TSEM shares traded higher by 0.55% at $38.71 on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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