Citi analyst Christopher Danely lowered the firm’s price target on GlobalFoundries (GFS) to $40 from $45 and keeps a Neutral rating on the shares. The company reported a solid Q3 and raised Q4 guidance, driven by strength from the auto end market, the analyst tells investors in a research note. However, the firm says GlobalFoundries also guided Q1 revenue down high single digits sequentially, below consensus estimates.

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