Tower Semiconductor -2.1% on Q1 misses, downside guide, analyst downgrade [Seeking Alpha]
Tower Semiconductor Ltd. - Ordinary Shares (TSEM)
Last tower semiconductor ltd. - ordinary shares earnings: 2/18 04:06 am
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Tower Semiconductor -2.1% on Q1 misses, downside guide, analyst downgradeTower Semiconductor (NASDAQ:TSEM)drops 2.1% premarket after yesterday’s Q1 results missed EPS and revenue estimates. Downside Q2 guidance has revenue at $335M (consensus: $344.01M).Press release.Analyst action: Needham downgrades TSEM from Strong Buy to Buy and lowers its price target from $50 to $32.Firm thinks investors underestimated the volatility of RF smartphone exposure, which represents 20% of Tower’s sales, and the impact from Apple, which caused the quarter’s 3% miss.Tower has previously mitigated the impact with pre-payments and supplier diversification but the current order cut was too large.Needham still thinks the secular demand drivers for high-performance analog are intact and expect capacity to expand in 2H18 and 1H19 with a positive impact on sales and EPS next year.Source: Briefing.com.Previously:Tower Semiconductor misses by $0.11, misses on revenue (May 7)See all stocks on the move »Now read:
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TSEM
News
- Tower Semiconductor Announces First Quarter 2024 Financial Results and Conference CallGlobeNewswire
- Those who invested in Tower Semiconductor (NASDAQ:TSEM) five years ago are up 78% [Yahoo! Finance]Yahoo! Finance
- Tower Semiconductor Ltd. (NASDAQ:TSEM) is favoured by institutional owners who hold 67% of the company [Yahoo! Finance]Yahoo! Finance
- Tower Semiconductor Ltd. (NASDAQ: TSEM) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating.MarketBeat
- Is It Time To Consider Buying Tower Semiconductor Ltd. (NASDAQ:TSEM)? [Yahoo! Finance]Yahoo! Finance
TSEM
Earnings
- 2/14/24 - Beat
TSEM
Sec Filings
- 4/24/24 - Form 6-K
- 4/22/24 - Form 20-F
- 3/21/24 - Form 6-K
- TSEM's page on the SEC website