Benzinga | Nov 22, 2021 07:18AM EST

GlobalFoundries Shares Pop As Analysts Initiate Coverage; See Up To 61% Upside

* Multiple analysts initiated coverage on GLOBALFOUNDRIES Inc (NASDAQ:GFS).

* Credit Suisse analyst John Pitzer initiated coverage with an Outperform and $75 price target, implying a 20.8% upside.

* The analyst says the benefits of the company's 2018 strategic pivot from "bleeding edge" to "pervasive" are just now inflecting.

* He sees semi-cyclical and foundry secular tailwinds for GlobalFoundries.

* Citi analyst Christopher Danely initiated coverage with a Buy rating and $75 price target.

* The analyst expects the company to experience the most significant margin and earnings expansion in the semiconductor group, with gross margin expanding from 14% in 2021 to 30% in 2023, driven by higher pricing and restructuring initiatives.

* Needham analyst Rajvindra Gill initiated coverage with a Buy and a price target of $85, implying a 36.9% upside.

* JP Morgan analyst Harlan Sur initiated coverage with an Overweight and a price target of $80, implying a 28.8% upside.

* Cowen analyst Krish Sankar initiated coverage with an Outperform and $80 price.

* Raymond James analyst Chris Caso initiated coverage with an Outperform and $80 price target.

* Jefferies analyst Mark Lipacis initiated coverage with a Buy rating and a price target of $87, implying a 40.1% upside.

* Baird analyst Tristan Gerra initiated coverage with an Outperform and a $100 price target, implying a 61% upside.

* Price Action: GFS shares traded higher by 5.46% at $65.5 in the premarket session on the last check Monday.