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.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on GFS:
- Boeing union to end strike, Palantir reports Q3 beat: Morning Buzz
- Morning Movers: GlobalFoundries and Apollo Global gain following Q3 results
- GlobalFoundries Shows Asset Growth in 2024 Update
- GlobalFoundries’ Q3 2024 Financial Success and Strategic Growth
- GlobalFoundries reports Q3 EPS 41c, consensus 33c