The shares of GlobalFoundries (GFS) recently received a $55 price target from Deutsche Bank. And Deutsche Bank analyst Ross Seymore is maintaining a “Buy” rating on the shares.Seymore noted that the ongoing purgatory stage of the semiconductor cycle continues heading into the second quarter earnings season. And despite expecting positive fundamental strength across the majority of the sector in the second quarter and third quarter, Seymore pointed out that investors appear to be waiting for a widespread deck-clearing guide-down before getting back into semiconductor stocks.Going forward, Seymore is actively factoring in accelerating macro/sector headwinds into 2023 estimates, reducing revenue/earnings/price targets by an average of 4%/10%/14% respectively.Wall Street Analysts Forecast Grow