Fintel reports that on August 17, 2023, Craig-Hallum upgraded their outlook for Tower Semiconductor (NASDAQ:TSEM) from Hold to Buy.

Analyst Price Forecast Suggests 64.53% Upside

As of August 2, 2023, the average one-year price target for Tower Semiconductor is 49.64. The forecasts range from a low of 40.40 to a high of $55.65. The average price target represents an increase of 64.53% from its latest reported closing price of 30.17.

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The projected annual revenue for Tower Semiconductor is 1,696MM, an increase of 9.91%. The projected annual non-GAAP EPS is 2.60.

What is the Fund Sentiment?

There are 424 funds or institutions reporting positions in Tower Semiconductor. This is an increase of 11 owner(s) or 2.66% in the last quarter. Average portfolio weight of all funds dedicated to TSEM is 0.30%, a decrease of 14.40%. Total shares owned by institutions increased in the last three months by 4.22% to 71,941K shares. The put/call ratio of TSEM is 1.28, indicating a bearish outlook.

What are Other Shareholders Doing?

Clal Insurance Enterprises Holdings holds 6,660K shares representing 6.05% ownership of the company. In it’s prior filing, the firm reported owning 6,027K shares, representing an increase of 9.50%. The firm decreased its portfolio allocation in TSEM by 22.68% over the last quarter.

Jpmorgan Chase holds 5,616K shares representing 5.10% ownership of the company. In it’s prior filing, the firm reported owning 4,931K shares, representing an increase of 12.18%. The firm decreased its portfolio allocation in TSEM by 10.27% over the last quarter.

Franklin Resources holds 4,048K shares representing 3.68% ownership of the company. In it’s prior filing, the firm reported owning 3,823K shares, representing an increase of 5.55%. The firm decreased its portfolio allocation in TSEM by 77.71% over the last quarter.

Phoenix Holdings holds 3,429K shares representing 3.11% ownership of the company. In it’s prior filing, the firm reported owning 19K shares, representing an increase of 99.45%. The firm increased its portfolio allocation in TSEM by 14,797.26% over the last quarter.

Senvest Management holds 2,556K shares representing 2.32% ownership of the company. In it’s prior filing, the firm reported owning 3,409K shares, representing a decrease of 33.36%. The firm decreased its portfolio allocation in TSEM by 40.06% over the last quarter.

Tower Semiconductor Background Information
(This description is provided by the company.)

Tower Semiconductor Ltd., the leader in high-value analog semiconductor foundry solutions, provides technology and manufacturing platforms for integrated circuits (ICs) in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace and defense. Tower Semiconductor’s focuses on creating positive and sustainable impact on the world through long term partnerships and its advanced and innovative analog technology offering, comprised of a broad range of customizable process platforms such as SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, non-imaging sensors, integrated power management (BCD and 700V), and MEMS. Tower Semiconductor also provides world-class design enablement for a quick and accurate design cycle as well as Transfer Optimization and development Process Services (TOPS) to IDMs and fabless companies. To provide multi-fab sourcing and extended capacity for its customers, Tower Semiconductor operates two manufacturing facilities in Israel (150mm and 200mm), two in the U.S. (200mm) and three facilities in Japan (two 200mm and one 300mm) through TPSCo.

This article originally appeared on Fintel

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