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GlobalFoundries Gets a Downgrade. The Stock Drops.

GlobalFoundries Gets a Downgrade. The Stock Drops.

GlobalFoundries stock dropped on Tuesday after an analyst outlined concerns for the semiconductor stock. Susquehanna’s Mehdi Hosseini downgraded shares to Neutral from Positive and cut his share price target to $48 from $65. The stock was off 2.3%, to $53.36—the top decliner in the Other semi stocks were also falling: Taiwan Semiconductor 1.7%, Applied Materials, 0.1%, and Broadcom 1.9%.