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. “Emerging multi-year partnerships with automakers (Ford) and Tier-1s (Bosch) to address structural supply issues” as well as “lower capital intensity, stronger FCF over time due to deliver proprietary products on lower-cost/lagging edge equipment” are the other positives, Arya mentioned. Price Action Shares of GlobalFoundries had risen by 3.03 …