Loop Capital analyst Cody Acree lowered his price target on TowerJazz to $36 from $46 after its Q2 results, saying there was "lingering weakness in the smartphone market" that led to disappointing Q3 outlook. The analyst adds that the guidance was "primarily driven by a continuing correction in the smartphone supply chain, where Tower noted a significant reduction in orders from one of its largest wireless customers over just the past 10 days". Acree also keeps his Buy rating over the medium term, noting that the company is expecting Q4 to produce a "strong recovery" with an expanded SiGe capacity ramp to "material volumes".