GlobalFoundries (GFS) Stock: $55 Target And Buy Rating
The shares of GlobalFoundries (GFS) recently received a $55 price target from Deutsche Bank. And Deutsche Bank analyst Ross Seymore is maintaining a “Buy” rating on the shares.
Seymore noted that the ongoing purgatory stage of the semiconductor cycle continues heading into the second quarter earnings season. And despite expecting positive fundamental strength across the majority of the sector in the second quarter and third quarter, Seymore pointed out that investors appear to be waiting for a widespread deck-clearing guide-down before getting back into semiconductor stocks.
Going forward, Seymore is actively factoring in accelerating macro/sector headwinds into 2023 estimates, reducing revenue/earnings/price targets by an average of 4%/10%/14% respectively.
Wall Street Analysts Forecast Growth
GFS has been the topic of several recent research reports. Susquehanna cut their target price on shares of GLOBALFOUNDRIES from $85.00 to $75.00 in a research report on Monday, July 11th. Deutsche Bank Aktiengesellschaft cut their target price on shares of GLOBALFOUNDRIES from $70.00 to $55.00 in a research report on Wednesday, July 20th. Susquehanna Bancshares lowered their price target on shares of GLOBALFOUNDRIES from $85.00 to $75.00 in a report on Monday, July 11th. Needham & Company LLC lowered their price target on shares of GLOBALFOUNDRIES to $50.00 in a report on Tuesday, July 5th. Finally, JPMorgan Chase & Co. lowered their price target on shares of GLOBALFOUNDRIES from $82.00 to $77.00 in a report on Wednesday, May 11th. One investment analyst has rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $73.13.
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.
Like