GlobalFoundries transferred with Hold from Buy at Needham

Needham analyst N. Quinn Bolton downgraded GlobalFoundries to Hold from Buy without a price target. The firm changed analysts on the name. GlobalFoundries reported better than expected Q2 results but guided Q3 below Street estimates, the analyst tells investors in a research note. The firm says inventory levels in multiple end markets remain high, reflecting weak demand, and that inventory digestion will last at least until the end of 2023. It would like to have better visibility into inventory clearance and the slope and shape of the recovery before becoming more constructive on GlobalFoundries shares.