Tower Semiconductor initiated with a Buy at Benchmark

Benchmark analyst Cody Acree initiated coverage of Tower Semiconductor with a Buy rating and $35 price target. Tower is “a unique, undervalued, high-growth, high-cash-flow, lesser-known, specialty semiconductor outsource manufacturing story,” says the analyst, who highlights the company’s participation in some of the fastest growing themes of the technology industry. Tower has made dramatic improvements in the competitiveness of its specialty analog foundry technologies and has significantly expanded the scale of its manufacturing capabilities since Russell Ellwanger was appointed CEO in 2005, the analyst added.