Tower Semiconductor initiated with an Outperform at Wedbush

Wedbush initiated coverage of Tower Semiconductor (TSEM) with an Outperform rating and $60 price target The firm’s bullish outlook is predicated upon Tower’s recent outperformance, its longer-term opportunities in specialty technologies, and an advantageous diversified geographical footprint during a period of increasing geopolitical risk. And while Wedbush sees the potential for some mixed near-term demand signals, it believes the recent decline in the valuation accounts for this risk and as such it is focused on the company’s longer term growth opportunities.