Evercore ISI raised the firm’s price target on GlobalFoundries (GFS) to $45 from $43 and keeps an Outperform rating on the shares. GlobalFoundries delivered a “solid” Q3 performance, but the stock dipped 5% intraday due to in-line guidance for Q4, the analyst noted. Despite short-term market reactions, a strategic shift towards high-growth sectors and disciplined financial management positions GlobalFoundries well for the future, the analyst tells investors.
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