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Fly News Breaks for April 24, 2019
Apr 24, 2019 | 06:40 EDT
Credit Suisse analyst Quang Tung Le downgraded TowerJazz to Neutral from Outperform while raising his price target for the shares to $19 from $18.10. To reflect ongoing weakness at the company's "key" radio frequency and power customers along with revised three- year deal extension with Panasonic, the analyst reduced his sales estimates. Further, Le remains skeptical about the extent of a gross margin recovery at TowerJazz from the lows in the first half of 2019. This may limit upside potential in the stock, Le tells investors in a research note. He also believes the company's 2020 sales may still be below 2018 levels.
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