GlobalFoundries Could Accelerate Diversification Amid Weaker Smartphone Environment, Morgan Stanley Says

MT Newswires Live

Aug 07

GlobalFoundries (GFS) could accelerate its diversification process amid a weaker smartphone environment, with mobile numbers coming down meaningfully in H2, Morgan Stanley said in a Thursday note.

Looking at this in a positive light, Morgan Stanley said that mobile could move from 41% in Q2 to below 30% of wafer revenues sometime next year, thus, putting the overall company on a higher growth trajectory going forward.

Additionally, Morgan Stanley said lagging edge foundries like GlobalFoundries are seeing pricing become a tailwind, noting utilizations in the range of 90% or above in Q2 even as a material slowdown in high volume PC/mobile markets in H2 is expected.

Morgan Stanley said it expects Q3 earnings per share and revenue of $0.51 and $1.885 billion. For 2026, the firm now expects EPS and revenue of $2.00 and $7.276 billion from the prior $1.94 and $7.250 billion, respectively.

Morgan Stanley raised its price target on the company's stock to $60 from $57 and maintained its equal-weight rating.

Price: 50.21, Change: +0.75, Percent Change: +1.52

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