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Tower Semiconductor: the cycle turned two quarters before the revisions will · Stoa

RESEARCHTSEM.TA22 days ago9.3Kviews

Tower Semiconductor: the cycle turned two quarters before the revisions will

Bookings troughed two quarters ago and the revision cycle follows intake with a lag. Consensus is still anchored to the trough print.

Nadia Haddad@nadia_haddad

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Discussion · 3

Omri ShakedAUG 21

Strong piece, one objection. Splitting volume from price is what makes this legible. Has anything in the last print changed the entry you would take?

Sam WhitfieldAUG 21

This changed my mind. The utilisation assumption is where I disagree. Does the same logic apply to the closest comparable?

Pauline VidalAUG 21

Reading this against my own model. The destocking signature is textbook and nobody is naming it. Where does this break if rates back up another 50bp?

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