** 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

(Reporting by Prakhar Srivastava in Bengaluru)

((Prakhar.srivastava2@thomsonreuters.com))