As previously reported, Needham upgraded GlobalFoundries (GFS) to Buy from Hold with a $50 price target As the semiconductor industry emerges from the cyclical downturn, the firm believes the outlook for GlobalFoundries is improving, the analyst tells investors. The firm also believes GlobalFoundries may benefit from increasing geopolitical tensions between the U.S. and China as customers onshore semiconductor manufacturing, the analyst added. The firm is forecasting a return to year-over-year growth in 2025 and also predicts “meaningful” gross margin expansion through the year.
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