Tower Semiconductor price target raised to $165 from $150 at Benchmark

Benchmark raised the firm’s price target on Tower Semiconductor (TSEM) to $165 from $150 and keeps a Buy rating on the shares. Even though the company continued to deliver on its “multi-quarter streak of increasingly strong results,” shares sold off moderately in Wednesday’s trading, the analyst noted. Going forward, the firm expects the company’s incremental margins to continue to average higher from the 55% in Q4, driven by the outsized growth of its high-margin optical infrastructure product segment.