GlobalFoundries (NASDAQ:GFS) Given New $35.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley has reduced its price target for GlobalFoundries from $38.00 to $35.00, indicating a potential upside of 5.32% from the current stock price.
• GlobalFoundries reported earnings of $0.42 per share, surpassing analysts' expectations, and generated $1.69 billion in revenue for the last quarter.
• Several analysts have mixed ratings on GlobalFoundries, with an average rating of "Moderate Buy" and an average target price of $45.69.

GlobalFoundries (NASDAQ:GFS - Get Free Report) had its price objective reduced by equities research analysts at Morgan Stanley from $38.00 to $35.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Morgan Stanley's target price suggests a potential upside of 5.32% from the stock's current price.

A number of other analysts have also recently weighed in on the stock. Wall Street Zen upgraded shares of GlobalFoundries from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. The Goldman Sachs Group began coverage on shares of GlobalFoundries in a research report on Thursday, July 10th. They set a "neutral" rating and a $40.00 price objective for the company. Argus began coverage on shares of GlobalFoundries in a report on Tuesday, July 1st. They issued a "buy" rating and a $52.00 price target for the company. UBS Group cut their price target on shares of GlobalFoundries from $43.00 to $37.00 and set a "neutral" rating for the company in a report on Wednesday. Finally, Citigroup increased their price target on shares of GlobalFoundries from $35.00 to $42.00 and gave the company a "neutral" rating in a report on Monday, July 7th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $45.69.

GlobalFoundries Stock Up 1.3%

Shares of GlobalFoundries stock traded up $0.43 during trading hours on Wednesday, hitting $33.23. The company had a trading volume of 1,962,259 shares, compared to its average volume of 2,028,976. The company's 50-day moving average is $38.60 and its two-hundred day moving average is $38.16. GlobalFoundries has a twelve month low of $29.77 and a twelve month high of $47.69. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.51 and a quick ratio of 1.77. The company has a market cap of $18.37 billion, a P/E ratio of -97.72, a price-to-earnings-growth ratio of 1.13 and a beta of 1.50.

GlobalFoundries (NASDAQ:GFS - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of $0.36 by $0.06. The firm had revenue of $1.69 billion during the quarter, compared to analysts' expectations of $1.68 billion. GlobalFoundries had a negative net margin of 2.77% and a positive return on equity of 6.28%. GlobalFoundries's quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.38 EPS. Analysts anticipate that GlobalFoundries will post 1.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On GlobalFoundries

Several hedge funds have recently modified their holdings of GFS. Banque Cantonale Vaudoise acquired a new stake in shares of GlobalFoundries in the first quarter worth approximately $33,000. Signaturefd LLC boosted its position in shares of GlobalFoundries by 51.3% in the first quarter. Signaturefd LLC now owns 1,026 shares of the company's stock worth $38,000 after acquiring an additional 348 shares during the last quarter. IFP Advisors Inc boosted its position in shares of GlobalFoundries by 824.7% in the second quarter. IFP Advisors Inc now owns 897 shares of the company's stock worth $38,000 after acquiring an additional 800 shares during the last quarter. Summit Securities Group LLC boosted its position in shares of GlobalFoundries by 142.2% in the first quarter. Summit Securities Group LLC now owns 1,298 shares of the company's stock worth $48,000 after acquiring an additional 762 shares during the last quarter. Finally, SBI Securities Co. Ltd. boosted its position in shares of GlobalFoundries by 26.3% in the first quarter. SBI Securities Co. Ltd. now owns 1,539 shares of the company's stock worth $57,000 after acquiring an additional 320 shares during the last quarter.

About GlobalFoundries

GlobalFoundries Inc, a semiconductor foundry, provides range of mainstream wafer fabrication services and technologies worldwide. It manufactures various semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units.

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