GLOBALFOUNDRIES (NASDAQ:GFS) Price Target Cut to $77.00 by Analysts at JPMorgan Chase & Co.

GLOBALFOUNDRIES (NASDAQ:GFS – Get Rating) had its price objective lowered by JPMorgan Chase & Co. from $82.00 to $77.00 in a note issued to investors on Wednesday, The Fly reports. JPMorgan Chase & Co.‘s target price suggests a potential upside of 43.93% from the stock’s current price.

GFS has been the topic of a number of other reports. Zacks Investment Research cut shares of GLOBALFOUNDRIES from a “buy” rating to a “hold” rating in a research report on Tuesday, May 3rd. Morgan Stanley raised shares of GLOBALFOUNDRIES from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $70.00 to $72.50 in a research report on Thursday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of GLOBALFOUNDRIES from $78.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, April 20th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $79.38.

GFS opened at $53.50 on Wednesday. The company has a quick ratio of 1.32, a current ratio of 1.67 and a debt-to-equity ratio of 0.25. GLOBALFOUNDRIES has a 52-week low of $43.59 and a 52-week high of $79.49. The stock’s 50 day simple moving average is $59.97.

GLOBALFOUNDRIES (NASDAQ:GFS – Get Rating) last released its quarterly earnings data on Tuesday, May 10th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.18. The business had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.90 billion. During the same quarter in the prior year, the firm earned ($0.25) earnings per share. GLOBALFOUNDRIES’s quarterly revenue was up 36.8% compared to the same quarter last year. On average, research analysts predict that GLOBALFOUNDRIES will post 1.58 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of GFS. BlackRock Inc. acquired a new stake in shares of GLOBALFOUNDRIES during the fourth quarter worth $491,747,000. Allianz Asset Management GmbH acquired a new stake in shares of GLOBALFOUNDRIES during the fourth quarter worth $156,699,000. Silver Lake Group L.L.C. acquired a new stake in shares of GLOBALFOUNDRIES during the fourth quarter worth $103,675,000. Matrix Capital Management Company LP acquired a new stake in shares of GLOBALFOUNDRIES during the fourth quarter worth $97,455,000. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of GLOBALFOUNDRIES during the fourth quarter worth $81,213,000. 12.09% of the stock is currently owned by hedge funds and other institutional investors.

GLOBALFOUNDRIES Company Profile (Get Rating)

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. It manufactures integrated circuits, which enable various electronic devices that are pervasive. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, power management units, and microelectromechanical systems, as well as offers mainstream wafer fabrication services and technologies.

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