GlobalFoundries Shares Pop as Analysts Initiate Coverage; See up to 61 Percent Upside

A man looks at a stock market chart in Irvine, Calif., on April 9, 2021. John Fredricks/The Epoch Times

Multiple analysts initiated coverage on GlobalFoundries Inc. Credit Suisse analyst John Pitzer initiated coverage with an Outperform and $75 price target, implying a 20.8 percent upside. The analyst says the benefits of the company’s 2018 strategic pivot from “bleeding edge” to “pervasive” are just now inflecting and sees semi-cyclical and foundry secular tailwinds for GlobalFoundries.

Citi analyst Christopher Danely initiated coverage with a Buy rating and $75 price target.