Ending the week on an auspicious note, Tower Semiconductor (NASDAQ: TSEM) stock is jumping higher this morning.
Investors are rushing to click the buy button on Tower stock after a firm revealed a strongly bullish outlook for the semiconductor stock
As of 11:15 a.m. ET, Tower shares are up 8.9%. One firm sees Tower stock continuing to rise Initiating coverage with a buy rating, Bank of America set a price target of $367 on Tower stock today.
Based on Tower’s closing price of $224.70 yesterday, the Bank of America price target implies 63% upside. According to Thefly.com, Bank of America estimates that Tower has a “market-leading” share in manufacturing silicon photonics (SiPho) integrated circuits used with pluggable transceivers in data centers specializing in artificial intelligence (AI) computing. Moreover, Bank of America projects that SiPho revenue will double in 2026 and could grow further in 2027 and beyond.