GlobalFoundries price target raised to $63 from $62 at Morgan Stanley

Morgan Stanley analyst Joseph Moore raised the firm’s price target on GlobalFoundries to $63 from $62 and keeps an Overweight rating on the shares. The firm sees “no big surprises relative to prior management commentary” in the company’s results. The firm’s belief had been that a cyclical bottom could happen sooner than people think and while it notes that a weaker outlook from the smartphone names “worried us a little coming in,” our view is “basically playing out.”