** Shares of contract chipmaker GlobalFoundries gain 2.6% to $51 premarket
** GFS reports Q1 revenue of $1.55 bln, beating analysts' estimate of $1.52 bln - LSEG data
** Its Q1 adj. EPS of 31 cents is also above estimate of 23 cents
** Co's New York and Vermont facilities to receive $1.5 bln in planned direct funding as part of U.S. CHIPS and Science Act
** Avg recommendation of 16 brokerages is a "buy," and their median price target is $62.50 - LSEG
** Stock has lost nearly 18% YTD
(Reporting by Purvi Agarwal in Bengaluru)
((Purvi.Agarwal@thomsonreuters.com))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments