GLOBALFOUNDRIES (NASDAQ:GFS – Get Free Report) had its price objective reduced by stock analysts at Bank of America from $62.00 to $55.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s target price indicates a potential upside of 13.82% from the company’s previous close.
A number of other research firms also recently issued reports on GFS. Cantor Fitzgerald reissued a “neutral” rating and set a $55.00 price target (down previously from $70.00) on shares of GLOBALFOUNDRIES in a research report on Monday, April 8th. Susquehanna restated a “neutral” rating and issued a $48.00 price objective (down from $65.00) on shares of GLOBALFOUNDRIES in a research note on Tuesday, March 5th. JPMorgan Chase & Co. reduced their price objective on GLOBALFOUNDRIES from $56.00 to $55.00 and set a “neutral” rating for the company in a research note on Wednesday, February 14th. Evercore ISI started coverage on GLOBALFOUNDRIES in a research report on Tuesday. They set an “outperform” rating and a $71.00 price target for the company. Finally, Robert W. Baird dropped their price objective on GLOBALFOUNDRIES from $70.00 to $63.00 and set an “outperform” rating on the stock in a report on Wednesday, February 14th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, GLOBALFOUNDRIES currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.08.
Check Out Our Latest Stock Report on GFS
GLOBALFOUNDRIES Stock Up 2.2 %
GLOBALFOUNDRIES (NASDAQ:GFS – Get Free Report) last announced its quarterly earnings data on Tuesday, February 13th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. GLOBALFOUNDRIES had a return on equity of 10.16% and a net margin of 13.80%. The company had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the previous year, the company posted $1.37 EPS. The firm’s revenue was down 11.8% on a year-over-year basis. On average, equities research analysts forecast that GLOBALFOUNDRIES will post 1 EPS for the current fiscal year.
Institutional Investors Weigh In On GLOBALFOUNDRIES
A number of institutional investors have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. bought a new position in GLOBALFOUNDRIES during the third quarter valued at about $33,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of GLOBALFOUNDRIES by 50.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 558 shares of the company’s stock valued at $34,000 after purchasing an additional 187 shares during the period. Natixis acquired a new position in shares of GLOBALFOUNDRIES in the 4th quarter valued at $38,000. KBC Group NV increased its position in shares of GLOBALFOUNDRIES by 210.9% in the 4th quarter. KBC Group NV now owns 802 shares of the company’s stock valued at $49,000 after buying an additional 544 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of GLOBALFOUNDRIES by 442.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 895 shares of the company’s stock valued at $52,000 after buying an additional 730 shares in the last quarter.
GLOBALFOUNDRIES Company Profile
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.
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