GlobalFoundries price target lowered to $50 from $55 at Raymond James

Raymond James lowered the firm’s price target on GlobalFoundries (GFS) to $50 from $55 and keeps an Outperform rating on the shares. Trends are tracking in the right direction for GlobalFoundries, with utilization and margin expected to move slightly higher through the back-half of the year, though mixed end-market demand signals are creating greater-than-expected noise for top-line expectations, the analyst tells investors in a research note. The firm feels the stock reaction following the June quarter results is “somewhat overdone.”