GLOBALFOUNDRIES (NASDAQ:GFS – Get Free Report) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.24-$0.34 for the period, compared to the consensus earnings per share estimate of $0.29. The company issued revenue guidance of $1.590-$1.640 billion, compared to the consensus revenue estimate of $1.58 billion.
Analyst Ratings Changes
Several equities research analysts recently commented on GFS shares. Morgan Stanley increased their price target on GLOBALFOUNDRIES from $62.00 to $63.00 and gave the company an overweight rating in a report on Wednesday. Robert W. Baird reduced their price target on GLOBALFOUNDRIES from $70.00 to $63.00 and set an outperform rating on the stock in a report on Wednesday, February 14th. Susquehanna raised their price objective on shares of GLOBALFOUNDRIES from $48.00 to $50.00 and gave the stock a neutral rating in a research report on Wednesday. Cantor Fitzgerald reiterated a neutral rating and issued a $55.00 target price (down from $70.00) on shares of GLOBALFOUNDRIES in a report on Monday, April 8th. Finally, HSBC dropped their price target on shares of GLOBALFOUNDRIES from $56.00 to $43.00 and set a hold rating for the company in a research note on Friday, May 3rd. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $61.23.
View Our Latest Stock Analysis on GFS
GLOBALFOUNDRIES Stock Performance
GLOBALFOUNDRIES (NASDAQ:GFS – Get Free Report) last announced its quarterly earnings data on Tuesday, February 13th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. GLOBALFOUNDRIES had a net margin of 13.80% and a return on equity of 10.16%. The company had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the prior year, the firm earned $1.37 EPS. GLOBALFOUNDRIES’s quarterly revenue was down 11.8% on a year-over-year basis. On average, equities analysts expect that GLOBALFOUNDRIES will post 1 earnings per share for the current year.
GLOBALFOUNDRIES Company Profile
GLOBALFOUNDRIES Inc operates as a semiconductor foundry worldwide. The company manufactures a range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers, and power management units; and offers mainstream wafer fabrication services and technologies.
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