UPDATE: Jefferies Starts GlobalFoundries Inc. (GFS) at Buy

Jefferies analyst Mark Lipacis initiates coverage on GlobalFoundries Inc. (NASDAQ: GFS) with a Buy rating and a price target of $87.00.

The analyst comments "We launch coverage of GFS with a Buy-rating and an $87 price target. We view GFS as the leading trailing-node, analog/mixed-signal foundry benefiting from IoT demand drivers that will translate to unit demand 10x the size of cellphones, and a shift of its customers to a fab-lite model. These dynamics have led to unprecedented levels of visibility and pricing power, and as a result, we expect GFS to maintain a premium valuation multiple."

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 $62.11 yesterday.

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