GlobalFoundries (NASDAQ:GFS) Downgraded by Morgan Stanley to “Equal Weight”

GlobalFoundries (NASDAQ:GFS) was downgraded by equities research analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a report released on Monday, Briefing.com reports. They currently have a $43.00 price objective on the stock, down from their prior price objective of $53.00. Morgan Stanley’s target price would suggest a potential upside of 6.44% from the stock’s current price.

A number of other research analysts also recently commented on GFS. Deutsche Bank Aktiengesellschaft dropped their target price on shares of GlobalFoundries from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. TD Cowen dropped their price objective on GlobalFoundries from $65.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Wedbush reissued an “outperform” rating and issued a $65.00 target price on shares of GlobalFoundries in a report on Wednesday, August 7th. Evercore ISI decreased their target price on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, Cantor Fitzgerald cut their price target on GlobalFoundries from $55.00 to $40.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 8th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, GlobalFoundries presently has a consensus rating of “Hold” and a consensus price target of $54.85.

GlobalFoundries Stock Up 3.4 %

Shares of NASDAQ GFS opened at $40.40 on Monday. The business has a 50-day moving average of $41.34 and a two-hundred day moving average of $47.00. The company has a market capitalization of $22.29 billion, a price-to-earnings ratio of 24.94, a price-to-earnings-growth ratio of 6.35 and a beta of 1.52. GlobalFoundries has a 1 year low of $37.94 and a 1 year high of $62.61. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59.

GlobalFoundries (NASDAQ:GFS) last posted its earnings results on Tuesday, August 6th. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.10. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The firm’s revenue was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.45 earnings per share. On average, analysts forecast that GlobalFoundries will post 1.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On GlobalFoundries

Several hedge funds have recently modified their holdings of GFS. Allspring Global Investments Holdings LLC purchased a new position in GlobalFoundries during the third quarter worth about $34,000. Massmutual Trust Co. FSB ADV acquired a new position in GlobalFoundries during the 2nd quarter worth approximately $59,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of GlobalFoundries during the 2nd quarter worth approximately $65,000. CWM LLC lifted its holdings in shares of GlobalFoundries by 38.6% in the 2nd quarter. CWM LLC now owns 1,339 shares of the company’s stock valued at $68,000 after buying an additional 373 shares during the period. Finally, Lazard Asset Management LLC lifted its holdings in shares of GlobalFoundries by 47.3% in the 1st quarter. Lazard Asset Management LLC now owns 2,446 shares of the company’s stock valued at $127,000 after buying an additional 786 shares during the period.

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.