GlobalFoundries price target raised to $80 from $72 at Needham

Needham analyst Rajvindra Gill raised the firm’s price target on GlobalFoundries (GFS) to $80 from $72 and keeps a Buy rating on the shares. The company’s Q4 results were "solid" as it added incremental capacity at the Singapore and Dresden facilities, with part of its Malta build out now geared for GM‘s (GM) auto business, the analyst tells investors in a research note. The firm adds that it expects the smartphone market to bottom at the end of Q1, while its updated estimates assume 12% revenue growth and accelerating free cash flows.