Form 144 GLOBALFOUNDRIES Inc. Filed by: Reeder David
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JPMorgan Downgrades GlobalFoundries Inc. (GFS) to Neutral, 'Deeper Cycle Bottom, Customer And Competitor Challenges Not Comprehended In Market Expectations'
February 5, 2024 5:07 AM ESTJPMorgan analyst Harlan Sur downgraded GlobalFoundries Inc. (NASDAQ: GFS) from Overweight to Neutral with a price target of $56.00 (from $65.00).
The analyst comments "We are downgrading GFS to Neutral with a $56 price target as specialty/mature node foundry manufacturing activity (utilizations) in a broad set of markets continues to decline, potentially lagging semiconductor industry recovery trends by 1-2 quarters and is not adequately reflected in current consensus CY24 expectations (before today, our CY24 revenue/EPS... More
