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  4. GlobalFoundries Correction Expected by Citi
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GlobalFoundries Correction Expected by Citi

By Sam Boughedda GlobalFoundries Inc (NASDAQ:GFS) held its 2022 analyst day on Thursday, where it reiterated an 8-12% long-term revenue growth target, a 40% gross margin target,...
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GlobalFoundries Correction Expected by Citi © Reuters. GLOBALFOUNDRIES (GFS) Correction Expected by Citi

By Sam Boughedda

GlobalFoundries Inc (NASDAQ:GFS) held its 2022 analyst day on Thursday, where it reiterated an 8-12% long-term revenue growth target, a 40% gross margin target, and a 25% operating margin.

The company's shares have jumped more than 10% during Friday's session.

A Citi analyst reiterated a Buy rating and $67 price target on GlobalFoundries shares following the investor day event. He told analysts in a note that they believe GlobalFoundries' targets are achievable but will take a while as they expect a correction.

"However, we believe the restructuring efforts should provide some buffer to the headwinds and eventually GFS will reach its margin targets. We continue to believe GFS is one of the best stories in semis with the biggest margin and EPS expansion in the group driven by restructuring," wrote the analyst. "GlobalFoundries stated its expectation for 2023 remains intact as it was able to offset the consumer weakness with strength from other end markets. However, we are seeing some signs of weakness in the auto/industrials end markets, and we believe the correction will impact GFS just like every other company in our coverage universe."

Elsewhere, a BofA analyst added the stock to the firm's U.S. 1 list, which is intended to represent a collection of BofA's best investment ideas that are drawn from the universe of Buy-rated, U.S.-listed stocks (including ADRs).

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Indicators:

Buy (7)

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EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

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Sell (0)

EUR/CHF

0.9808

+0.0001 (+0.01%)

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Indicators:

Buy (3)

Sell (2)

Gold Futures

2,295.80

-7.10 (-0.31%)

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Silver Futures

26.677

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Copper Futures

4.5305

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Crude Oil WTI Futures

81.14

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Brent Oil Futures

85.62

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Natural Gas Futures

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US Coffee C Futures

213.73

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Euro Stoxx 50

4,920.55

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S&P 500

5,035.69

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DAX

17,921.95

-196.37 (-1.08%)

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FTSE 100

8,144.13

-2.90 (-0.04%)

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Sell

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Sell (4)

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17,763.03

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Moving Avg:

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US Small Cap 2000

1,973.05

-42.98 (-2.13%)

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IBEX 35

10,854.40

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49.155

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Bayer AG NA

27.35

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Allianz SE VNA O.N.

266.60

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Adidas AG

226.40

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Deutsche Lufthansa AG

6.714

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Siemens AG Class N

175.90

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15.010

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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