JPMorgan lowered the firm’s price target on GlobalFoundries (GFS) to $40 from $44 and keeps a Neutral rating on the shares. The firm notes GlobalFoundries reported results above expectations, reflecting strong growth in its non-wafer revenue, which helped offset seasonal declines in its core wafer segment: smartphone/mobile and Home and Industrial IoT. For the June-quarter outlook, the team guided revenues up about 6% quarter-over-quarter, above consensus expectations driven by continued growth in Automotive and Communications Infrastructure Data Center. JPMorgan believes the revenue outlook was largely locked in prior to Liberation day and expects tariff/trade-related dynamics will likely weigh on the second half of 2025 performance, particularly in consumer/industrial-facing markets.
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