It's been a pretty great week for Tower Semiconductor Ltd. (NASDAQ:TSEM) shareholders, with its shares surging 11% to US$36.71 in the week since its latest first-quarter results. Revenues were US$327m, approximately in line with expectations, although statutory earnings per share (EPS) performed substantially better. EPS of US$0.40 were also better than expected, beating analyst predictions by 12%. Earnings are an important time for investors, as they can track a company's performance, look at what the analysts are forecasting for next year, and see if there's been a change in sentiment towards the company. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year.

Check out our latest analysis for Tower Semiconductor

Taking into account the latest results, the current consensus from Tower Semiconductor's four analysts is for revenues of US$1.43b in 2024. This would reflect a modest 2.3% increase on its revenue over the past 12 months. Statutory earnings per share are expected to plummet 62% to US$1.67 in the same period. Before this earnings report, the analysts had been forecasting revenues of US$1.41b and earnings per share (EPS) of US$1.58 in 2024. The analysts seems to have become more bullish on the business, judging by their new earnings per share estimates.

The consensus price target rose 15% to US$44.20, suggesting that higher earnings estimates flow through to the stock's valuation as well. There's another way to think about price targets though, and that's to look at the range of price targets put forward by analysts, because a wide range of estimates could suggest a diverse view on possible outcomes for the business. There are some variant perceptions on Tower Semiconductor, with the most bullish analyst valuing it at US$55.00 and the most bearish at US$37.80 per share. As you can see, analysts are not all in agreement on the stock's future, but the range of estimates is still reasonably narrow, which could suggest that the outcome is not totally unpredictable.

These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Tower Semiconductor's past performance and to peers in the same industry. We would highlight that Tower Semiconductor's revenue growth is expected to slow, with the forecast 3.1% annualised growth rate until the end of 2024 being well below the historical 5.3% p.a. growth over the last five years. Compare this against other companies (with analyst forecasts) in the industry, which are in aggregate expected to see revenue growth of 17% annually. So it's pretty clear that, while revenue growth is expected to slow down, the wider industry is also expected to grow faster than Tower Semiconductor.