Tower Semiconductor (NASDAQ:TSEM) Downgraded to “Buy” at BidaskClub

BidaskClub downgraded shares of Tower Semiconductor (NASDAQ:TSEM) from a strong-buy rating to a buy rating in a research note released on Thursday, BidAskClub reports.

A number of other equities research analysts have also weighed in on the stock. Craig Hallum reaffirmed a buy rating and set a $32.00 price target (up from $24.00) on shares of Tower Semiconductor in a report on Thursday, November 14th. They noted that the move was a valuation call. Needham & Company LLC reaffirmed a buy rating and set a $30.00 price target on shares of Tower Semiconductor in a report on Wednesday, November 13th. Finally, ValuEngine lowered shares of Tower Semiconductor from a buy rating to a hold rating in a report on Monday, October 7th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Tower Semiconductor has an average rating of Buy and a consensus target price of $26.57.

NASDAQ:TSEM traded down $0.40 during trading hours on Thursday, reaching $24.85. 310,750 shares of the company were exchanged, compared to its average volume of 331,203. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.50 and a quick ratio of 3.70. The firm has a market cap of $2.44 billion, a price-to-earnings ratio of 24.36, a PEG ratio of 2.10 and a beta of 1.20. Tower Semiconductor has a 52-week low of $14.36 and a 52-week high of $25.80. The stock has a 50 day simple moving average of $24.44 and a 200 day simple moving average of $21.17.

Tower Semiconductor (NASDAQ:TSEM) last issued its earnings results on Wednesday, November 13th. The semiconductor company reported $0.21 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.01. Tower Semiconductor had a net margin of 8.51% and a return on equity of 9.63%. The business had revenue of $312.10 million for the quarter, compared to the consensus estimate of $312.05 million. During the same quarter last year, the firm posted $0.37 EPS. The business’s revenue for the quarter was down 3.3% compared to the same quarter last year. On average, analysts predict that Tower Semiconductor will post 0.87 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TSEM. Phoenix Holdings Ltd. acquired a new stake in Tower Semiconductor during the 3rd quarter valued at $60,498,000. Monarch Partners Asset Management LLC acquired a new position in Tower Semiconductor during the 3rd quarter worth $8,427,000. FMR LLC acquired a new position in Tower Semiconductor during the 1st quarter worth $6,253,000. Tygh Capital Management Inc. acquired a new position in Tower Semiconductor during the 3rd quarter worth $4,264,000. Finally, Vanguard Group Inc. grew its holdings in Tower Semiconductor by 8.5% during the 2nd quarter. Vanguard Group Inc. now owns 2,613,809 shares of the semiconductor company’s stock worth $41,220,000 after acquiring an additional 203,707 shares in the last quarter. 52.25% of the stock is owned by institutional investors and hedge funds.

About Tower Semiconductor

Tower Semiconductor Ltd., an independent semiconductor foundry, manufactures and markets analog intensive mixed-signal semiconductor devices in the United States, Japan, Asia, and Europe. It provides various customizable process technologies, including SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.

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