GlobalFoundries price target raised to $60 from $45 at BofA

BofA raised the firm’s price target on GlobalFoundries (GFS) to $60 from $45 and keeps an Underperform rating on the shares. Mobile weakness is offsetting “otherwise robust” silicon photonics sales, says the analyst. The May 7 analyst day could be a catalyst, but assuming the calendar year 2030 model incorporates 10%-12% compound annual revenue growth and 40% EBIT margins, the EPS power “may only be $4-$5,” the analyst tells investors.