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Globalfoundries Shares Surge as Morgan Stanley Labels Results as 'Most Significant Beat-and-raise Quarter Since IPO'

Shares of Globalfoundries (NASDAQ:GFS) are up more than 4% in premarket trading Wednesday after the company reported better-than-expected Q1 results and issued an upbeat Q2...
Globalfoundries Shares Surge as Morgan Stanley Labels Results as 'Most Significant Beat-and-raise Quarter Since IPO' © Reuters. Globalfoundries (GFS) Shares Surge as Morgan Stanley Labels Results as 'Most Significant Beat-and-raise Quarter Since IPO'

Shares of Globalfoundries (NASDAQ:GFS) are up more than 4% in premarket trading Wednesday after the company reported better-than-expected Q1 results and issued an upbeat Q2 forecast.

GFS reported Q1 adjusted EPS of 42c, topping the consensus estimates of 24c per share. Revenue came in at $1.94 billion, slightly above the estimated $1.9 billion.

The company reported a Q1 adjusted gross margin of 25.3%, while cash and cash equivalents totaled $3.26 billion.

For Q2, GFS expects revenue in the range of $1.96 billion to $1.99 billion, beating the estimated $1.93 billion. Adjusted EBITDA is expected to be between $705 billion and $745 billion, while analysts were looking for $648 million.

“Despite global supply chain challenges, the GF team continues to execute to plan, and we remain on track to deliver a strong year of growth and profitability,” the company said.

Morgan Stanley analyst Joseph Moore said GFS delivered “the most significant beat-and-raise quarter since the IPO as revenues came in slightly higher and costs were substantially lower in cost of sales and opex.”

The analyst hiked the price target to $72.00 per share, up from $65.00.

“This was a very strong quarter with the largest upward revision since the IPO. GFS posted upside in revenue, gross margin, and operating margin, and lower share count driving EPS upside close to 50% for 1H22. While we remain anxious about the smartphone weakness that we are seeing at some customers, the company highlighted strength in higher-end 5G globally and pointed to strong conditions in 2H. Estimates for next year come up 12%, basically neutralizing the multiple compression from our preview,” Moore wrote in a note.

BofA analyst Vivek Arya cut the price target to $75.00 per share, down from $82.00. The analyst commented:

“We believe results can soothe investors’ concerns re: (1) n-t macro slowdown impacting GFS utilization (and in turn shipments/GMs): GFS is fully booked through 2023 and noted fungibility of supply in the event of weakness in any market; (2) smartphone/PC slowdown: PC sales did fall 60% QoQ/YoY in Q1 (will likely be the trough) but were more than offset by strength in data center, comms and IoT. Meanwhile in smartphones, GFS did note some normalization in low-end handset market (low/medium end China shipments -30% YoY), but its focus on transition to feature rich handsets enabled double digit QoQ/YoY growth.”

By Senad Karaahmetovic

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23-05-2022 08:13:41 (UTC+7)

EUR/USD

1.0588

+0.0027 (+0.26%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

EUR/USD

1.0588

+0.0027 (+0.26%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

GBP/USD

1.2533

+0.0046 (+0.37%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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USD/JPY

127.75

-0.10 (-0.07%)

Summary

Sell

Moving Avg:

Buy (1)

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Indicators:

Buy (4)

Sell (4)

AUD/USD

0.7091

+0.0058 (+0.82%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

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USD/CAD

1.2799

-0.0037 (-0.29%)

Summary

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EUR/JPY

135.27

+0.26 (+0.19%)

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EUR/CHF

1.0308

+0.0012 (+0.12%)

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Gold Futures

1,850.36

+8.26 (+0.45%)

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Silver Futures

21.904

+0.230 (+1.06%)

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Copper Futures

4.3130

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Crude Oil WTI Futures

111.09

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Brent Oil Futures

110.88

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Natural Gas Futures

8.166

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US Coffee C Futures

216.48

-2.22 (-1.02%)

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Euro Stoxx 50

3,657.03

+16.48 (+0.45%)

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S&P 500

3,901.36

+0.57 (+0.01%)

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DAX

13,981.91

+99.61 (+0.72%)

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FTSE 100

7,389.98

+87.24 (+1.19%)

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Neutral

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Hang Seng

20,717.24

+596.56 (+2.96%)

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↑ Sell

Moving Avg:

Buy (4)

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Indicators:

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US Small Cap 2000

1,773.27

-2.96 (-0.17%)

Summary

↑ Buy

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Sell (5)

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Sell (1)

IBEX 35

8,484.50

+78.50 (+0.93%)

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Neutral

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BASF SE NA O.N.

48.850

-0.010 (-0.02%)

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Buy

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Bayer AG NA

63.74

+0.34 (+0.54%)

Summary

Buy

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Allianz SE VNA O.N.

195.58

+0.78 (+0.40%)

Summary

Buy

Moving Avg:

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Adidas AG

172.80

+0.92 (+0.54%)

Summary

Buy

Moving Avg:

Buy (6)

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Deutsche Lufthansa AG

6.852

+0.049 (+0.72%)

Summary

↑ Sell

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Siemens AG Class N

115.08

+2.62 (+2.33%)

Summary

Neutral

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Deutsche Bank AG

9.362

-0.130 (-1.37%)

Summary

Buy

Moving Avg:

Buy (6)

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Indicators:

Buy (8)

Sell (1)

 EUR/USD1.0588↑ Buy
 GBP/USD1.2533↑ Buy
 USD/JPY127.75Sell
 AUD/USD0.7091Neutral
 USD/CAD1.2799↑ Sell
 EUR/JPY135.27↑ Buy
 EUR/CHF1.0308↑ Buy
 Gold1,850.36↑ Sell
 Silver21.904↑ Sell
 Copper4.3130↑ Sell
 Crude Oil WTI111.09↑ Buy
 Brent Oil110.88↑ Buy
 Natural Gas8.166↑ Buy
 US Coffee C216.48↑ Buy
 Euro Stoxx 503,657.03↑ Buy
 S&P 5003,901.36↑ Buy
 DAX13,981.91Buy
 FTSE 1007,389.98Neutral
 Hang Seng20,717.24↑ Sell
 Small Cap 20001,773.27↑ Buy
 IBEX 358,484.50Neutral
 BASF48.850Buy
 Bayer63.74Buy
 Allianz195.58Buy
 Adidas172.80Buy
 Lufthansa6.852↑ Sell
 Siemens AG115.08Neutral
 Deutsche Bank AG9.362Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,880/ 6,980
(5/ 5) # 1,782
SJC HCM6,895/ 6,985
(0/ 0) # 1,787
SJC Hanoi6,895/ 6,987
(0/ 0) # 1,789
SJC Danang6,895/ 6,987
(0/ 0) # 1,789
SJC Nhatrang6,895/ 6,987
(0/ 0) # 1,789
SJC Cantho6,895/ 6,987
(0/ 0) # 1,789
Cập nhật 23-05-2022 08:13:44
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ↀ Giá vàng thế giới
$1,851.56+4.880.26%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V30.58031.190
RON 95-III29.98030.570
E5 RON 92-II28.95029.520
DO 0.05S26.65027.180
DO 0,001S-V27.45027.990
Dầu hỏa 2-K25.16025.660
ↂ Giá dầu thô thế giới
WTI$110.23-0.52-0.48%
Brent$111.03-0.49-0.45%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.005,0023.315,00
EUR23.899,8625.238,69
GBP28.277,1029.483,51
JPY176,47186,83
KRW15,8019,25
Cập nhật lúc 08:06:21 23/05/2022
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