GlobalFoundries price target lowered to $63 from $65 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on GlobalFoundries to $63 from $65 and keeps a Buy rating on the shares. The analyst says against lowered expectations following “lackluster guides” from customers, GlobalFoundries’ Q3 report and Q4 outlook were better than feared. The company acknowledged ongoing weakness in handsets and elevated inventories across multiple other segments, resulting in the pushing out of its expected timing of a cyclical recovery, the analyst tells investors in a research note. As such, the firm further de-risked estimates heading into 2024 on a “more muted outlook.”