GlobalFoundries price target lowered to $40 from $45 at Citi

Citi lowered the firm’s price target on GlobalFoundries (GFS) to $40 from $45 and keeps a Neutral rating on the shares. GlobalFoundries reported a “solid” Q3 and raised Q4 guidance driven by strength from the Auto end market, but the company also guided Q1 revenue down high single digits sequentially, which the firm notes was below its and consensus estimates. As a result, Citi lowers its estimates, the analyst noted.