Cantor Fitzgerald downgraded GlobalFoundries (GFS) to Neutral from Overweight with a price target of $55, down from $70. Cantor still believes GlobalFoundries could be an attractive strategic fit for Intel (INTC) or Samsung (SSNLF), but Intel’s recent tie-up with UMC has reduced the probability of such an event, the analyst tells investors in a research note. For now, fundamentals will drive the stock performance and Cantor is not optimistic about a meaningful recovery in 2024.
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