Jefferies Downgrades GlobalFoundries Inc. (GFS) to Hold

Jefferies analyst Kevin Garrigan downgraded GlobalFoundries Inc. (NASDAQ: GFS) from Buy to Hold with a price target of $38.00.

The analyst comments: "We are downgrading GFS to Hold from Buy. GFS continues to benefit from the ongoing re-shoring of semiconductor manufacturing to the U.S., highlighted by notable design wins in Q2. However, we see a high bar for achieving revenue and gross margin targets in C25/C26. Near-term catalysts appear limited given the absence of a cyclical recovery, pricing headwinds, and increased competitive pressures. Our price target of $38 is based on 16x CY27 P/E."

For an analyst ratings summary and ratings history on GlobalFoundries Inc. click here. For more ratings news on GlobalFoundries Inc. click here.

Shares of GlobalFoundries Inc. closed at $35.32 yesterday.

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