GlobalFoundries upgraded to Positive at Susquehanna on growth expectations

Susquehanna upgraded GlobalFoundries (GFS) to Positive from Neutral with a price target of $100, up from $50. Despite the stock doubling since November of last year, the firm cites smartphone-related revenue bottoming in Q1 and communications infrastructure having bottomed in Q2 of last year. The firm is forecasting communications infrastructure revenue to grow at a 35% compound annual growth rate from 2025-2028, assuming GlobalFoundries maintains its 20% market share, the analyst tells investors.