Jefferies Assumes GLOBALFOUNDRIES at Buy, Lowers Price Target of $62
Portfolio Pulse from Benzinga Newsdesk
Jefferies analyst Blayne Curtis has initiated coverage on GLOBALFOUNDRIES (NASDAQ:GFS) with a Buy rating, while reducing the price target to $62.
May 13, 2024 | 12:43 pm
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POSITIVE IMPACT
Jefferies analyst Blayne Curtis has given GLOBALFOUNDRIES a Buy rating but lowered the price target to $62, indicating a positive outlook with a more conservative valuation.
The initiation of coverage by Jefferies with a Buy rating is a positive signal for GLOBALFOUNDRIES, suggesting confidence in the company's future performance. However, the reduction in the price target may reflect a more cautious view on the valuation, possibly due to market conditions or company-specific factors not detailed in the news. The overall impact is likely positive in the short term as the Buy rating outweighs the negative sentiment from the lowered price target.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100