GlobalFoundries upgraded to Overweight from Neutral at Cantor Fitzgerald

Cantor Fitzgerald upgraded GlobalFoundries (GFS) to Overweight from Neutral with a price target of $80, up from $50. Thursday’s investor day represents the first major capital markets event for GlobalFoundries since its post-IPO Capital Markets Day in CY22, and while the shares have “massively” underperformed since then, secular drivers are beginning to emerge in the story, with SiPho, SatCOM, and Physical AI lending more confidence in a long-term topline compound annual growth rate, the analyst tells investors in a research note. Cantor sees a path to $4.50-$5.50 in EPS for 2030.