GlobalFoundries Inc. is well-positioned with only a 10 percent share of an addressable market opportunity estimated at $70 billion, across smartphone devices, Internet of things, automotive and data center, according to Bank of America (BofA) Securities.
GlobalFoundries Analyst
Vivek Arya initiated coverage of GlobalFoundries with a Buy rating and a price target of $88.GlobalFoundries Thesis
The company has long-term proprietary agreements worth around $20 billion, which gives strong visibility and pricing power, Arya said in the initiation note.GlobalFoundries has “a Tier-1 base of customers,” including Qualcomm Inc., NXP Semiconductors NV, Analog Devices Inc., and Advanced Micro Devices Inc., the analyst added.
