Analysts Tick Up GLOBALFOUNDRIES Target Price Post Q3 Results

Analysts raised price targets on GLOBALFOUNDRIES Inc GFS following Q3 results.
Needham analyst Rajvindra Gill maintained a Buy and raised the price target from $85 to $87, implying a 29% upside.
Morgan Stanley analyst Joseph Moore raised the price target to $68 from $67, implying a 1% upside.
The rating came after the company reported upside for Q3 and guided to Q4 results slightly above his estimates and consensus in what he calls a "solid" first quarter as a public company.
While he "really likes" the company's long-term direction, the significant appreciation in the stock price since the IPO leaves him seeing somewhat limited upside in the next 12 months and leads Moore to keep an Equal Weight rating on the shares.
Deutsche Bank analyst Ross Seymore raised the price target to $78 from $75, implying a 15.7% upside, and reiterated a Buy.
The analyst views the company's first-quarter as a public company as "solid."
Credit Suisse analyst John Pitzer raised the price target to $80 from $75, implying an 18.7% upside, and maintained an Outperform.
The analyst notes GLOBALFOUNDRIES reported Q3 revenue in line with expectations, and EPS and Q4 guidance above estimates on growing wafer output and improving mix.
Price Action: GFS shares traded lower by 2.51% at $67.50 on the last check Wednesday.

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