Tower Semiconductor initiated with an Equal Weight at Barclays

Barclays initiated coverage of Tower Semiconductor (TSEM) with an Equal Weight rating and $74 price target The firm believes Tower is well positioned to benefit from end-market growth, including artificial intelligence data centers where its SiPho faces limited competition. The company is halfway through an investment cycle which should see revenues and margins expand materially, the analyst tells investors in a research note. Barclays cites valuation for the neutral rating with the target implying 13% upside potential.