GlobalFoundries price target raised to $80 from $70 at Loop Capital

Loop Capital analyst Charles Park raised the firm’s price target on GlobalFoundries to $80 from $70 and keeps a Buy rating on the shares after its Q4 earnings beat. The company’s gross margins topped expectations thanks to better average selling prices and product mix, the analyst tells investors in a research note. The firm also believes that GlobalFoundries is well positioned longer term to benefit from the secular growth in key end markets, raising its FY23 EPS view by 19c to $2.29 and its FY24 view by 19c to $3.36.