Morgan Stanley lowered the firm’s price target on GlobalFoundries to $62 from $68 and keeps an Overweight rating on the shares. Q1 revenue guidance was “well below” the firm’s expectations, but with quantifiable reduction in semiconductor balance sheet inventory, the firm sees “clear indications of a bottom,” the analyst tells investors in a post-earnings note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on GFS:
- Globalfoundries Inc. Reports Earnings: Did it Beat Estimate Forecasts?
- Chip Projections Hit GlobalFoundries (NASDAQ:GFS) in Trading
- GlobalFoundries Reports Fourth Quarter 2023 and Fiscal Year 2023 Financial Results
- Notable companies reporting before tomorrow’s open
- GFS Earnings this Week: How Will it Perform?