GlobalFoundries price target lowered to $70 from $77 at Citi

Citi analyst Christopher Danely lowered the firm’s price target on GlobalFoundries to $70 from $77 and keeps a Buy rating on the shares. The company reported good results but guided below consensus due to the continued inventory correction across the handset, consumer internet of things, communications and data center end markets, the analyst tells investors in a research note. However, the firm believes GlobalFoundries is navigating the downturn better than peers given its single-sourced businesses.