Tower Semiconductor Positioned to Beat, Raise in Q2, Wedbush Says

MT Newswires Live08-03 23:17

Tower Semiconductor (TSEM) is expected to report a "beat & raise quarter" in Q2, with Q3 guidance likely to exceed consensus estimates, Wedbush analysts said in a Monday note.

The firm expects Q2 revenue to come in at or modestly above the midpoint of the company's $455 million guidance, noting Tower Semiconductor has met or exceeded the midpoint of its revenue outlook in each of the past eight quarters.

Wedbush also expects silicon photonics capacity qualified during Q1 to contribute more fully in Q2.

The firm models Q3 adjusted earnings of $0.92 per share and revenue of $490.7 million. Wedbush also said management has historically guided conservatively, contributing to earnings results that exceed consensus expectations.

The company is scheduled to report its Q2 earnings on Tuesday.

Wedbush maintained a neutral rating on Tower Semiconductor with a $300 price target.

Shares of Tower Semiconductor were 2.4% higher in Monday trading.

Price: 226.00, Change: +6.33, Percent Change: +2.88

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