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.
The analyst expects the company to experience the most significant margin and earnings expansion in the semiconductor group, with gross margin expanding from 14 percent in 2021 to 30 percent in 2023, driven by higher pricing and restructuring initiatives.
Needham analyst Rajvindra Gill initiated coverage with a Buy and a price target of $85, implying a 36.9 percent upside.
JP Morgan analyst Harlan Sur initiated coverage with an Overweight and a price target of $80, implying a 28.8 percent upside.
Cowen analyst Krish Sankar initiated coverage with an Outperform and $80 price.
Raymond James analyst Chris Caso initiated coverage with an Outperform and $80 price target.
Jefferies analyst Mark Lipacis initiated coverage with a Buy rating and a price target of $87, implying a 40.1 percent upside.
Baird analyst Tristan Gerra initiated coverage with an Outperform and a $100 price target, implying a 61 percent upside.
GlobalFoundries shares closed higher by 3.03 percent at $63.99 on Monday.com