NEW YORK (TheStreet) -- Shares of Tower Semiconductor (TSEM) - Get Report are increasing by 2.31% to $11.50 late Friday afternoon, as the company responded to a bearish report yesterday and had ratings reiterated by several firms.
The Israel-based company operates collectively with its U.S. subsidiary TowerJazz as a global specialty semiconductor foundry company.
"TowerJazz financial statements are prepared in accordance with US GAAP and SEC reporting requirements. Our financials are audited by Deloitte & Touche," the firm said in an email to Bloomberg, The Fly reports.
"The referenced report was made by a short-focused research firm, as stated by the firm's website, which has never been in contact with us, with no experience or expertise in our industry, and our business as an analog pure play foundry," the company said.
Yesterday, Spruce Point Capital Management published a report suggesting the company had questionable accounting practices.
Oppenheimer reiterated its "outperform" rating and $20 price target this morning.
"We view yesterday's reaction as overdone and would be opportunistic buyers as we see TSEM as one of the best remaining growth and GM/FCF expansion stories in all of semis," the firm said in an analyst note.
Drexel Hamilton also reiterated its "buy" rating and $28 price target today despite the report and recommended investors use Friday to take advantage of the price pullback.