Bank of America Cuts GLOBALFOUNDRIES (NASDAQ:GFS) Price Target to $55.00

GLOBALFOUNDRIES (NASDAQ:GFS) had its target price reduced by Bank of America from $62.00 to $55.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities research analysts have also recently issued reports on the stock. JPMorgan Chase & Co. dropped their price target on shares of GLOBALFOUNDRIES from $56.00 to $55.00 and set a neutral rating on the stock in a research note on Wednesday, February 14th. Citigroup cut shares of GLOBALFOUNDRIES from a buy rating to a neutral rating and dropped their price target for the company from $70.00 to $56.00 in a research note on Wednesday, February 14th. Robert W. Baird lowered their target price on shares of GLOBALFOUNDRIES from $70.00 to $63.00 and set an outperform rating on the stock in a research note on Wednesday, February 14th. Cantor Fitzgerald reaffirmed a neutral rating and set a $55.00 target price (down previously from $70.00) on shares of GLOBALFOUNDRIES in a research note on Monday, April 8th. Finally, Susquehanna reaffirmed a neutral rating and set a $48.00 target price (down previously from $65.00) on shares of GLOBALFOUNDRIES in a research note on Tuesday, March 5th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $63.08.

GLOBALFOUNDRIES Price Performance

NASDAQ:GFS opened at $46.89 on Tuesday. The company has a 50 day moving average price of $52.47 and a 200-day moving average price of $54.70. GLOBALFOUNDRIES has a 1-year low of $46.42 and a 1-year high of $68.57. The firm has a market cap of $25.68 billion, a price-to-earnings ratio of 25.48, a price-to-earnings-growth ratio of 4.04 and a beta of 1.61. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.04 and a quick ratio of 1.56.

GLOBALFOUNDRIES (NASDAQ:GFS) last released its quarterly earnings results on Tuesday, February 13th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. GLOBALFOUNDRIES had a net margin of 13.80% and a return on equity of 10.16%. The firm had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter last year, the company earned $1.37 EPS. The firm’s revenue for the quarter was down 11.8% compared to the same quarter last year. Equities research analysts forecast that GLOBALFOUNDRIES will post 1 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Mubadala Investment Co PJSC acquired a new position in shares of GLOBALFOUNDRIES during the 4th quarter valued at about $28,451,821,000. FMR LLC raised its holdings in GLOBALFOUNDRIES by 18.7% in the 3rd quarter. FMR LLC now owns 35,205,461 shares of the company’s stock valued at $2,048,606,000 after buying an additional 5,544,907 shares during the period. Ameriprise Financial Inc. raised its holdings in GLOBALFOUNDRIES by 36.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,160,878 shares of the company’s stock valued at $183,931,000 after buying an additional 838,355 shares during the period. First Trust Advisors LP raised its holdings in GLOBALFOUNDRIES by 9.9% in the 4th quarter. First Trust Advisors LP now owns 2,240,096 shares of the company’s stock valued at $135,750,000 after buying an additional 201,611 shares during the period. Finally, Norges Bank purchased a new stake in GLOBALFOUNDRIES in the 4th quarter valued at about $80,293,000.

About GLOBALFOUNDRIES

GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.