Robert W. Baird Has Lowered Expectations for GlobalFoundries (NASDAQ:GFS) Stock Price

GlobalFoundries (NASDAQ:GFS) had its price target cut by Robert W. Baird from $63.00 to $50.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s price objective suggests a potential upside of 10.45% from the stock’s previous close.

A number of other research firms have also recently issued reports on GFS. Citigroup lowered their target price on GlobalFoundries from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday. Deutsche Bank Aktiengesellschaft lowered their target price on GlobalFoundries from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Morgan Stanley cut GlobalFoundries from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $53.00 to $43.00 in a research note on Monday, October 28th. Needham & Company LLC reissued a “hold” rating on shares of GlobalFoundries in a research note on Wednesday, August 7th. Finally, Evercore ISI reduced their price target on GlobalFoundries from $77.00 to $71.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $50.46.

GlobalFoundries Stock Performance

Shares of GFS stock opened at $45.27 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.22 and a quick ratio of 1.59. The stock has a market cap of $24.98 billion, a PE ratio of 33.78, a price-to-earnings-growth ratio of 5.82 and a beta of 1.53. The stock has a 50-day moving average of $40.34 and a 200-day moving average of $46.53. GlobalFoundries has a one year low of $35.85 and a one year high of $62.61.

GlobalFoundries (NASDAQ:GFS) last posted its earnings results on Tuesday, November 5th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.08. GlobalFoundries had a return on equity of 7.75% and a net margin of 11.82%. The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the prior year, the business earned $0.47 EPS. GlobalFoundries’s revenue for the quarter was down 6.1% compared to the same quarter last year. As a group, sell-side analysts expect that GlobalFoundries will post 1.09 earnings per share for the current year.

Institutional Investors Weigh In On GlobalFoundries

Large investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC acquired a new stake in shares of GlobalFoundries in the 3rd quarter valued at approximately $34,000. US Bancorp DE lifted its holdings in GlobalFoundries by 77.0% during the 3rd quarter. US Bancorp DE now owns 1,218 shares of the company’s stock valued at $49,000 after purchasing an additional 530 shares during the last quarter. Massmutual Trust Co. FSB ADV acquired a new stake in GlobalFoundries during the 2nd quarter valued at $59,000. AM Squared Ltd acquired a new stake in GlobalFoundries during the 3rd quarter valued at $60,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in GlobalFoundries during the 2nd quarter valued at $65,000.

GlobalFoundries Company Profile

GlobalFoundries Inc, a semiconductor foundry, provides range of mainstream wafer fabrication services and technologies worldwide. It manufactures various semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units.