GlobalFoundries assumed with a Buy at Jefferies

Jefferies assumed coverage of GlobalFoundries with a Buy rating and a price target of $62, down from $67, as the analyst assumed coverage of a number of U.S. semiconductor stocks. The analyst assumed coverage of the group with a bullish long-term view into a strong upcycle with duration, citing a belief that the group is “still early in the cycle” and that this one is likely stronger with AI.