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Monday, 04/15/2024 4:13:14 PM

Monday, April 15, 2024 4:13:14 PM

Post# of 364112
GlobalFoundries initiated with an Outperform at Evercore ISI
Evercore ISI analyst Mark Lipacis initiated coverage of GlobalFoundries with an Outperform rating and $71 price target. The firm views GlobalFoundries as a "Tectonic Shift play," calling it the "key local foundry supplier into the emerging IoT market," which the firm expects to grow to tens of billions of units. The firm believes that the analog/MCU complex in general, and GlobalFoundries specifically, benefit from two secular trends: a shift to an IoT/Parallel processing era and consolidation driving higher margins, free cash flow and capital return.

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