GlobalFoundries price target raised to $50 from $43 at HSBC

HSBC raised the firm’s price target on GlobalFoundries to $50 from $43 and keeps a Hold rating on the shares. The company reported a Q1 gross margin beat, but the Q2 guidance is in line, the analyst tells investors in a research note. The firm says a second half of 2024 recovery remains uncertain given the lack of demand visibility.