GlobalFoundries price target lowered to $33 from $35 at BofA

BofA analyst Vivek Arya lowered the firm’s price target on GlobalFoundries (GFS) to $33 from $35 and keeps an Underperform rating on the shares. Q3 results and the Q4 guide landed in line as the company continues to see increased demand for U.S.-based manufacturing from customers due largely to tariffs, the analyst tells investors in a research note. The firm noted with roughly 18 months needed to go from announcement to tape-out to revenues, the benefit of the company’s largely U.S.-based manufacturing footprint is only likely to be realized by 2H26 at the earliest.