BofA downgraded GlobalFoundries (GFS) to Underperform from Neutral with an unchanged price target of $35. The firm doesn’t see a specific catalyst for any immediate decline in the stock, but believes the company will need to display faster gross margin improvement and pricing power than what has been seen in the last two years, the analyst tells investors. The firm is tweaking its “slightly below consensus” estimates to reflect the near-term macro headwinds, the analyst added.
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