GlobalFoundries price target lowered to $45 from $48 at BofA

BofA analyst Vivek Arya lowered the firm’s price target on GlobalFoundries (GFS) to $45 from $48 and keeps a Neutral rating on the shares after the company reported Q4 results. The firm continues to like GlobalFoundries for its strategically dependable capacity amidst intensifying geopolitical dynamics, differentiated technology leadership, and robust free cash flow, but a modest growth outlook in an uncertain macro along with limited earnings recovery gives the firm pause. Additionally, growing mature-node China capacity is a pricing and competitive risk long-term, the analyst tells investors in a research note.