On August 10, Tower Semiconductor rose 5.22% in regular trading, trading at approximately $265.11 per share, with turnover of $184 million. The stock continues to rally on the back of strong Q2 results and a fresh institutional endorsement.

The company reported Q2 adjusted EPS of $0.88, significantly beating the FactSet consensus estimate of $0.76, while revenue of $460.08 million also topped the $454.68 million estimate. Management guided Q3 revenue of approximately $520 million, well above the $490 million consensus. Notably, the silicon photonics business saw annualized revenue surge from $180 million in the year-ago period to $680 million, driven by robust AI compute demand for optical interconnect solutions. On August 7, BofA Global Research initiated coverage with a Buy rating and a $367 price target, implying significant upside from current levels. The combination of above-consensus fundamentals and a high-profile institutional endorsement continues to propel the stock higher.

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