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Investing.com - Morgan Stanley has upgraded Globalwafers Co Ltd. (6488:TT) from Equalweight to Overweight and significantly raised its price target to NT$608.00 from NT$375.00.
The upgrade comes as Morgan Stanley observes continued strength in AI semiconductor demand, with the firm also upgrading its Industry View to Attractive. The investment bank highlighted unexpected strength in general server demand, which is tracking at 8% year-over-year growth.
Morgan Stanley’s latest update from September 16, 2025, indicates general servers are now tracking at 15-20% year-over-year growth for 2025, showing demand upside from both AI and non-AI segments.
Within the semiconductor space, Morgan Stanley expressed preference for NAND module maker Phison and WoW vendors including Winbond, AP Memory, and GigaDevice, noting in a September 17, 2025 report that the memory upcycle appears to be continuing longer than expected.
Industry checks suggest mature node foundry utilization is better than feared, with TSMC’s mature nodes and UMC’s fab utilization expected to remain flat quarter-over-quarter in Q4 2025, while SMIC management has noted no clear signs of slowdown in the second half of 2025.
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