On August 7, Tower Semiconductor rose 5.31% in pre-market trading, trading at approximately $234.63/share, with turnover of $2.2712 million. The stock continues its recovery trajectory after prior profit-taking sessions.

On the news front, BofA Global Research officially initiated coverage of Tower Semiconductor with a Buy rating and a price target of $367 per share, signaling major institutional recognition of the company's growth potential. This catalyst compounds the ongoing positive momentum from the company's Q2 earnings report released on August 4, which significantly beat expectations with adjusted EPS of $0.88 versus the $0.76 consensus estimate and revenue of $460 million exceeding the $454.68 million forecast. The company also guided Q3 revenue to approximately $520 million, well above the $490 million market expectation.

A key growth driver remains the silicon photonics business, whose annualized revenue surged from $180 million in the year-ago period to $680 million, fueled by strong AI compute demand for optical interconnects. Following a sharp pullback earlier in the week due to profit-taking after rapid gains from the $192 level, the stock has stabilized and resumed its upward trajectory over the past two trading sessions on robust fundamental support.

(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.)