Evercore ISI analyst Mark Lipacis initiated coverage of GlobalFoundries with an Outperform rating and $71 price target. The firm views GlobalFoundries as a “Tectonic Shift play,” calling it the “key local foundry supplier into the emerging IoT market,” which the firm expects to grow to tens of billions of units. The firm believes that the analog/MCU complex in general, and GlobalFoundries specifically, benefit from two secular trends: a shift to an IoT/Parallel processing era and consolidation driving higher margins, free cash flow and capital return.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on GFS:
- Ulta upgraded, Skyworks downgraded: Wall Street’s top analyst calls
- GlobalFoundries downgraded to Neutral from Overweight at Cantor Fitzgerald
- GlobalFoundries Announces Conference Call to Review First Quarter 2024 Financial Results
- Largest borrow rate increases among liquid names
- Lyft upgraded, Philip Morris downgraded: Wall Street’s top analyst calls
