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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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21-05-2022 02:43:08 (UTC+7)

EUR/USD

1.0559

-0.0027 (-0.26%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (1)

EUR/USD

1.0559

-0.0027 (-0.26%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (1)

GBP/USD

1.2490

+0.0030 (+0.24%)

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Moving Avg:

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USD/JPY

127.83

+0.04 (+0.03%)

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Buy

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Buy (7)

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AUD/USD

0.7045

-0.0002 (-0.03%)

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USD/CAD

1.2829

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EUR/JPY

134.99

-0.30 (-0.22%)

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EUR/CHF

1.0294

-0.0007 (-0.07%)

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Gold Futures

1,841.95

+0.75 (+0.04%)

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Silver Futures

21.725

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Copper Futures

4.3042

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Crude Oil WTI Futures

110.59

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Brent Oil Futures

112.93

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Natural Gas Futures

8.131

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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

3,894.54

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DAX

13,981.91

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FTSE 100

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20,717.24

+596.56 (+2.96%)

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US Small Cap 2000

1,769.50

-12.99 (-0.73%)

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IBEX 35

8,484.50

+78.50 (+0.93%)

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BASF SE NA O.N.

48.850

-0.010 (-0.02%)

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Bayer AG NA

63.74

+0.34 (+0.54%)

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Allianz SE VNA O.N.

195.58

+0.78 (+0.40%)

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Buy

Moving Avg:

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Adidas AG

172.80

+0.92 (+0.54%)

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Buy

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Deutsche Lufthansa AG

6.852

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Summary

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Siemens AG Class N

115.08

+2.62 (+2.33%)

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Neutral

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Deutsche Bank AG

9.362

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Summary

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Buy (8)

Sell (1)

    EUR/USD 1.0559 ↑ Buy  
    GBP/USD 1.2490 ↑ Buy  
    USD/JPY 127.83 Buy  
    AUD/USD 0.7045 ↑ Buy  
    USD/CAD 1.2829 ↑ Sell  
    EUR/JPY 134.99 ↑ Buy  
    EUR/CHF 1.0294 ↑ Buy  
    Gold 1,841.95 Sell  
    Silver 21.725 ↑ Buy  
    Copper 4.3042 ↑ Buy  
    Crude Oil WTI 110.59 ↑ Buy  
    Brent Oil 112.93 ↑ Buy  
    Natural Gas 8.131 Sell  
    US Coffee C 216.48 ↑ Buy  
    Euro Stoxx 50 3,657.03 ↑ Buy  
    S&P 500 3,894.54 ↑ Buy  
    DAX 13,981.91 Buy  
    FTSE 100 7,389.98 Neutral  
    Hang Seng 20,717.24 ↑ Sell  
    Small Cap 2000 1,769.50 ↑ Buy  
    IBEX 35 8,484.50 Neutral  
    BASF 48.850 Buy  
    Bayer 63.74 Buy  
    Allianz 195.58 Buy  
    Adidas 172.80 Buy  
    Lufthansa 6.852 ↑ Sell  
    Siemens AG 115.08 Neutral  
    Deutsche Bank AG 9.362 Buy  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,875/ 6,975
(0/ 0) # 1,795
SJC HCM6,890/ 6,980
(0/ 0) # 1,798
SJC Hanoi6,890/ 6,982
(0/ 0) # 1,800
SJC Danang6,890/ 6,982
(0/ 0) # 1,800
SJC Nhatrang6,890/ 6,982
(0/ 0) # 1,800
SJC Cantho6,890/ 6,982
(0/ 0) # 1,800
Cập nhật 21-05-2022 02:43:11
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ↀ Giá vàng thế giới
$1,843.91 +1.65 0.09%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩm Vùng 1 Vùng 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 $110.47 -0.05 -0.05%
Brent $112.83 -0.25 -0.22%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.000,0023.310,00
EUR23.879,5425.217,23
GBP28.128,1029.328,16
JPY176,49186,84
KRW15,8019,26
Cập nhật lúc 18:52:01 20/05/2022
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