Tower Semiconductor price target raised to $140 from $125 at Wedbush

Wedbush raised the firm’s price target on Tower Semiconductor (TSEM) to $140 from $125 and keeps a Neutral rating on the shares. The firm views the company’s quarterly update as largely positive with management again lifting SiPh investment and revising longer term targets to reflect greater benefit from this opportunity. However, Wedbush would also note that it believes investors had anticipated this update with new growth/margin targets largely encapsulated in Tower Semiconductor’s valuation for now.