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Needham Maintains Buy Rating for GLOBALFOUNDRIES: Here's What You Need To Know

By Benzinga Insights

Needham has decided to maintain its Buy rating of GLOBALFOUNDRIES (NASDAQ:GFS) and lower its price target from $87.00 to $70.00.

Shares of GLOBALFOUNDRIES are trading down 5.06% over the last 24 hours, at $50.06 per share.

A move to $70.00 would account for a 39.83% increase from the current share price.

About GLOBALFOUNDRIES

GlobalFoundries is a major dedicated contract chipmaker that was originally the manufacturing arm of Advanced Micro Devices before it was spun out in 2009. The foundry sells chips into a range of end markets including smartphones, PCs, Internet of Things, data centers, automotive, industrial, and so on, but primarily focuses on more mature process technologies. Until 2021, the firm was privately held by Mubadala Investment, the sovereign wealth fund of the United Arab Emirates. GlobalFoundries merged with Chartered Semiconductor Manufacturing in 2009 and acquired IBM's chipmaking business in 2014.

About Analyst Ratings

Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.

Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.

If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along with analyst success scores in Benzinga Pro.

This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Dive Deeper:
Deutsche Bank Maintains Buy Rating for Nomad Foods: Here's What You Need To Know
Deutsche Bank has decided to maintain its Buy rating of Nomad Foods (NYSE:NOMD) and raise its price target from $25.00…
Citigroup Maintains Buy Rating for Ultragenyx Pharmaceutical: Here's What You Need To Know
Citigroup has decided to maintain its Buy rating of Ultragenyx Pharmaceutical (NASDAQ:RARE) and lower its price target from $150.00 to…
Morgan Stanley Maintains Overweight Rating for Global E Online: Here's What You Need To Know
Morgan Stanley has decided to maintain its Overweight rating of Global E Online (NASDAQ:GLBE) and lower its price target from…
Goldman Sachs Maintains Buy Rating for Cytek Biosciences: Here's What You Need To Know
Goldman Sachs has decided to maintain its Buy rating of Cytek Biosciences (NASDAQ:CTKB) and lower its price target from $14.00…
One subscription that gives you access to news from hundreds of sites
Goldman Sachs Maintains Buy Rating for GoodRx Holdings: Here's What You Need To Know
Goldman Sachs has decided to maintain its Buy rating of GoodRx Holdings (NASDAQ:GDRX) and lower its price target from $30.00…
B. Riley Securities Maintains Buy Rating for Ballard Power Systems: Here's What You Need To Know
B. Riley Securities has decided to maintain its Buy rating of Ballard Power Systems (NASDAQ:BLDP) and lower its price target…
Get all your news in one place