** Shares of chipmaker GlobalFoundries GFS.O fall 1.7% to$35.30 in premarket trading

** Wedbush downgrades stock to "neutral" from "outperform"

** Brokerage says there's near-term risk to consumer electronics, especially smartphones, as rising memory costs push up prices, with OEMs (original equipment manufacturers) already cutting production anticipating weaker demand

** Wedbush cuts target price to $40 from $42, representing a 10.20% upside to the stock's last close of $36.115

** "While we expect eventually the proliferation of AI at the edge will drive device refresh cycles as well as content growth, we believe this catalyst is more likely 12+ months out" - Wedbush

** 10 of 21 brokerages rate the stock "buy" or higher, 10 "hold" and one "sell"; their median PT is $40 - data compiled by LSEG

** Up to last day's close, stock down 15.8% YTD

(Reporting by Kanishka Ajmera in Bengaluru)

((mail to: Kanishka.Ajmera@thomsonreuters.com))