GlobalFoundries price target lowered to $70 from $75 at BofA

BofA analyst Vivek Arya lowered the firm’s price target on GlobalFoundries to $70 from $75 and keeps a Buy rating on the shares. While near-term estimates move lower following the company’s Q2 report, the firm continues to view GlobalFoundries as an “attractive asset” given its differentiated and geographically advantaged manufacturing capacity outside of China/Taiwan, its long-term capacity agreements, and its “steady execution,” the analyst tells investors.