GlobalFoundries Inc. (GFS) PT Raised to $60 at Baird

Baird analyst Tristan Gerra raised the price target on GlobalFoundries Inc. (NASDAQ: GFS) to $60.00 (from $40.00) while maintaining a Outperform rating.

The analyst comments "Silicon photonics, satellite, optical networking represent key revenue and mix drivers for this year and for the medium-term, while automotive momentum continues driven by share and content gains, industrial is returning to growth this year, and smartphone has stabilized. Geo-dependable related design win footprint is now well above $3B. Net, GF should benefit from the currently-unfolding upcycle along with expansion in high-growth segments and the return to a favorable pricing environment, which along with mix and higher utilization rates will drive gross margin expansion. Outperform-rated."

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