GlobalFoundries rises after Argus starts coverage with 'buy' rating

Shares of chip maker GlobalFoundries GFS.O up ~1.8% at $38.89

Argus Research initiates coverage of GFS with "buy" rating; says GFS is positioned for multiple years of growth given the urgency to increase domestic semiconductor production as a national strategic priority

"The company is also positioned to benefit from secular drivers including AI datacenter, robotics & autonomous, EV & hybrid powertrains, multi-cloud, and 5G & broadband, along with ongoing demand for traditional IT products," - Argus

11 of 20 brokerages rate the stock "buy" or higher, eight "hold" and one "sell"; their median PT is $41.50 - LSEG data

Including session's moves, stock down ~9.7% YTD