GlobalFoundries Holds Steady Despite Market Challenges, Analysts Project Recovery in Second Half 2024
Portfolio Pulse from Anusuya Lahiri
Analysts from Needham, Raymond James, and Wedbush have reiterated their ratings on GlobalFoundries Inc (NASDAQ:GFS), despite market challenges. Needham's N. Quinn Bolton maintained a 'Hold' rating, projecting a recovery in 2H24. Raymond James' Melissa Fairbanks reiterated an 'Outperform' rating with a $75 price target, highlighting the company's ability to recoup costs and maintain a disciplined approach to investments. Wedbush's Matt Bryson also reiterated an 'Outperform' rating with a $70 price target, noting the company's ability to navigate the downturn better than many of its peers.
November 08, 2023 | 8:25 pm
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NEUTRAL IMPACT
Despite market challenges, analysts maintain their ratings on GlobalFoundries Inc, projecting a recovery in 2H24. The company's ability to recoup costs and maintain a disciplined approach to investments is highlighted.
The analysts' maintained ratings and the projected recovery in 2H24 indicate a neutral short-term impact on GFS's stock. The company's ability to recoup costs and maintain a disciplined approach to investments, despite market challenges, is a positive sign for investors.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100