BUZZ-Tower Semiconductor jumps after Q3 profit beat

Reuters
2024-11-14
BUZZ-Tower Semiconductor jumps after Q3 profit beat

** U.S.-listed shares of Tower Semiconductor TSEM.O jumps ~13.6% to $48.96

** Co reports Q3 adjusted earnings per share of 57 cents, beating estimates of 53 cents, according to data compiled by LSEG

** TSEM's Q3 revenue of $371 mln also beat analysts' expectations of $370.3 mln

** Co expects Q4 revenue to be $387 mln, with an upward or downward range of 5% vs $379.2 mln estimate

** All of 3 brokerages rate the stock "buy"; their median PT is $54.50 — LSEG

** Including session's moves, stock up ~62% YTD

(Reporting by Prakhar Srivastava in Bengaluru)

((Prakhar.srivastava2@thomsonreuters.com))

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