Evercore ISI Initiates Coverage on GLOBALFOUNDRIES (NASDAQ:GFS)

Analysts at Evercore ISI began coverage on shares of GLOBALFOUNDRIES (NASDAQ:GFS) in a research report issued on Tuesday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $71.00 price target on the stock. Evercore ISI’s price objective points to a potential upside of 50.23% from the stock’s current price.

Several other research analysts have also commented on the stock. Susquehanna reissued a “neutral” rating and issued a $48.00 price objective (down previously from $65.00) on shares of GLOBALFOUNDRIES in a research note on Tuesday, March 5th. Citigroup cut shares of GLOBALFOUNDRIES from a “buy” rating to a “neutral” rating and reduced their target price for the company from $70.00 to $56.00 in a report on Wednesday, February 14th. Robert W. Baird decreased their price target on shares of GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating for the company in a research note on Wednesday, February 14th. Cantor Fitzgerald reissued a “neutral” rating and issued a $55.00 price objective (down from $70.00) on shares of GLOBALFOUNDRIES in a research report on Monday, April 8th. Finally, JPMorgan Chase & Co. dropped their target price on GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating on the stock in a report on Wednesday, February 14th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $63.85.

GLOBALFOUNDRIES Price Performance

Shares of NASDAQ GFS opened at $47.26 on Tuesday. The firm has a 50-day simple moving average of $52.65 and a 200-day simple moving average of $54.82. The company has a quick ratio of 1.56, a current ratio of 2.04 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $25.89 billion, a price-to-earnings ratio of 25.68, a price-to-earnings-growth ratio of 4.17 and a beta of 1.61. GLOBALFOUNDRIES has a 52 week low of $46.73 and a 52 week high of $68.57.

GLOBALFOUNDRIES (NASDAQ:GFS) last released its quarterly earnings data on Tuesday, February 13th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. GLOBALFOUNDRIES had a net margin of 13.80% and a return on equity of 10.16%. The firm had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same period last year, the business earned $1.37 earnings per share. GLOBALFOUNDRIES’s revenue was down 11.8% compared to the same quarter last year. On average, equities analysts predict that GLOBALFOUNDRIES will post 1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GLOBALFOUNDRIES

Several institutional investors have recently modified their holdings of GFS. Mubadala Investment Co PJSC bought a new position in shares of GLOBALFOUNDRIES during the fourth quarter worth about $28,451,821,000. FMR LLC grew its position in GLOBALFOUNDRIES by 18.7% in the 3rd quarter. FMR LLC now owns 35,205,461 shares of the company’s stock valued at $2,048,606,000 after buying an additional 5,544,907 shares in the last quarter. Norges Bank bought a new position in GLOBALFOUNDRIES in the 4th quarter valued at about $80,293,000. Capital Research Global Investors grew its position in GLOBALFOUNDRIES by 1,042.5% in the 1st quarter. Capital Research Global Investors now owns 1,316,303 shares of the company’s stock valued at $82,164,000 after buying an additional 1,201,093 shares in the last quarter. Finally, Kodai Capital Management LP bought a new position in GLOBALFOUNDRIES in the 4th quarter valued at about $67,351,000.

About GLOBALFOUNDRIES

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.