On August 7, Tower Semiconductor rose 6.54% in regular trading, trading at approximately $249.21/share, with turnover of $72.58 million.

On the news front, BofA Global Research officially initiated coverage of Tower Semiconductor with a \"Buy\" rating and a $367 price target, implying significant upside from current levels and directly boosting bullish sentiment. According to FactSet, the stock now carries an average analyst rating of \"Buy\" with a mean price target of $321.15.

The initiation comes on the heels of a strong Q2 earnings report released on August 4, in which the company posted adjusted EPS of $0.88, well above the $0.76 consensus estimate, and revenue of $460 million versus the $454.68 million expected. Q3 revenue guidance of approximately $520 million also significantly exceeded the $490 million market estimate. Notably, the silicon photonics business saw annualized revenue surge from $180 million to $680 million year-over-year, driven by robust AI-related demand for optical interconnects. The combination of a major investment bank initiation and strong underlying fundamentals propelled shares higher during the session.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)