12:26 PM EDT, 05/08/2024 (MT Newswires) -- GlobalFoundries ( GFS ) surpassed expectations in Q1, despite a challenging smartphone market landscape, Morgan Stanley said Wednesday in a note.

GlobalFoundries ( GFS ) reported Q1 adjusted earnings Tuesday of $0.31 per diluted share on revenue of $1.55 billion, beating consensus estimates of $0.23 and $1.52 billion, respectively.

For 2024, Morgan Stanley raised its adjusted EPS and revenue estimates to $1.34 and $6.66 billion, respectively, from $1.12 and $6.42 billion. For 2025, the firm now expects adjusted EPS and revenue to be $2.51 and $8.11 billion, respectively, compared with $2.45 and $8.01 billion previously.

GlobalFoundries ( GFS ) looks to be well positioned in the competitive environment, Morgan Stanley said.

The firm raised its price target on Global Foundries to $63 from $62 with an overweight rating.

GlobalFoundries ( GFS ) shares were down 2% in recent trading.

Price: 52.18, Change: -1.08, Percent Change: -2.03