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北京时间·🕒 发布 08-03 22:47:08时区推断·⟳ 抓取 08-03 22:47:11·⚡ 决策 08-04 11:15:07 +12h27m·84.2 天前
摩根士丹利上调Astera Labs目标价并看好亚马逊Trainium合作拉动业绩
摩根士丹利称Astera Labs受亚马逊Trainium 3 Scorpio交换芯片放量支持，并将目标价从240美元上调至335美元。
📄 原文Seeking Alpha↗ 原文
Astera Labs benefits from Amazon partnership ahead of earnings: Morgan Stanley
Astera Labs (ALAB) is expected to report another beat and raise when it releases its second quarter results on Tuesday,…
不做 Astera Labs（ALAB.US）
财报前卖方看多和目标价上调已在盘中传播，且正式财报即将披露，当前不把押财报预期包装成事件交易。
不做 GlobalFoundries（GFS.US）
目标价下调和AI增量有限只是卖方观点，未确认收入、利润或指引损害，不满足做空或风险登记门槛。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
🔎 新鲜度:最早出现 2026-08-03 · 扩散 medium · price-in 风险 high ↗
关键理由
- 摩根士丹利称Astera Labs受亚马逊Trainium 3 Scorpio交换芯片放量支持，并将目标价从240美元上调至335美元。
- 正文给出的二季度营收360.8百万美元和环比17.4%增长是财报前卖方预期，不是公司新订单或已披露超预期业绩。
- ALAB在7月30日单日上涨20.0%、7月31日继续上涨3.85%，临近财报前追多容易变成押财报而非事件交易。
主要风险
- Astera Labs将在8月4日盘后披露财报，正式业绩和指引可能覆盖这条卖方预期。
- GFS部分只是目标价下调和AI短期增量有限的观点，不构成已确认公司级净损害。
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原文全文
展开原文 · 2,445 字
Astera Labs (ALAB) is expected to report another beat and raise when it releases its second quarter results on Tuesday, due in part to its partnership with Amazon (AMZN) using Scorpio switches for Trainium chips.
However, GlobalFoundries (GFS), which reports on Wednesday, Aug. 5, appears to have more limited AI-related tailwinds, the financial firm said in a Monday investor report.
"We believe Astera Labs remains well positioned heading into earnings, supported by continued AI networking strength and an excellent execution track record," noted analyst Joseph Moore. "The company is entering the main ramp of the Trainium 3 Scorpio switch in the second half, which should support a constructive outlook. We model second-quarter revenue growth of 17.4% sequentially and third-quarter growth of 12.0%, with potential for modest upside to guidance as Scorpio-X shipments increase. Management expects Scorpio to become Astera's largest product line by December."
Morgan Stanley maintained its Overweight rating on Astera Labs and increased its price target to $335 from $240. Key topics to look for in the earnings call include diversification beyond Amazon and gross margins.
Astera Labs reports its second quarter results post-market on Tuesday. A consensus estimate calls for adjusted earnings per share of $0.69 on revenue of $360.8M.
Meanwhile, Morgan Stanley retained its Equal-weight rating on GlobalFoundries but reduced its price target to $57 from $65.
Similar to Qualcomm's (QCOM) latest results, the firm expects GlobalFoundries to experience weakness in its mobile business but see improvement in the IoT, industrial and auto markets.
"Utilization is also now approaching full levels across the space, with UMC now 90%, and we would expect that to translate into like-for-like pricing increases in the second half, in line with expectations," Moore noted. "Pricing, along with recent M&A, is cause for some optimism around the 30%+ gross-margin exit rate."
"As for AI tailwinds for GFS, we think there is limited upside in the near term, given already sold-out conditions in key corridors around power and optics," he added. "However, it remains an important focus area, along with reshoring. We expect to hear about customer engagement around both later this week."
GlobalFoundries releases its second quarter results pre-market on Wednesday. A consensus estimate expects adjusted earnings per share of $0.43 on revenue of $1.76B.
However, GlobalFoundries (GFS), which reports on Wednesday, Aug. 5, appears to have more limited AI-related tailwinds, the financial firm said in a Monday investor report.
"We believe Astera Labs remains well positioned heading into earnings, supported by continued AI networking strength and an excellent execution track record," noted analyst Joseph Moore. "The company is entering the main ramp of the Trainium 3 Scorpio switch in the second half, which should support a constructive outlook. We model second-quarter revenue growth of 17.4% sequentially and third-quarter growth of 12.0%, with potential for modest upside to guidance as Scorpio-X shipments increase. Management expects Scorpio to become Astera's largest product line by December."
Morgan Stanley maintained its Overweight rating on Astera Labs and increased its price target to $335 from $240. Key topics to look for in the earnings call include diversification beyond Amazon and gross margins.
Astera Labs reports its second quarter results post-market on Tuesday. A consensus estimate calls for adjusted earnings per share of $0.69 on revenue of $360.8M.
Meanwhile, Morgan Stanley retained its Equal-weight rating on GlobalFoundries but reduced its price target to $57 from $65.
Similar to Qualcomm's (QCOM) latest results, the firm expects GlobalFoundries to experience weakness in its mobile business but see improvement in the IoT, industrial and auto markets.
"Utilization is also now approaching full levels across the space, with UMC now 90%, and we would expect that to translate into like-for-like pricing increases in the second half, in line with expectations," Moore noted. "Pricing, along with recent M&A, is cause for some optimism around the 30%+ gross-margin exit rate."
"As for AI tailwinds for GFS, we think there is limited upside in the near term, given already sold-out conditions in key corridors around power and optics," he added. "However, it remains an important focus area, along with reshoring. We expect to hear about customer engagement around both later this week."
GlobalFoundries releases its second quarter results pre-market on Wednesday. A consensus estimate expects adjusted earnings per share of $0.43 on revenue of $1.76B.
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