said he believes that the entire semiconductor industry is going through a"purgatory" phase during this earnings season, in which investors prefer to stay on the sidelines despite an expectation of fundamental strength in revenues and per-share earnings metrics.
The analyst expects the company to be among the ones that are likely to benefit from an easing of the supply chain bottlenecks. However, the supply-side benefits are expected to be balanced by a slowdown in demand for the rest of 2022, prompting Seymore to cut his price target for Global Foundries to $55 from $70.
Seymore reiterated a buy rating on GFS stock, keeping its strong longer-term prospects in mind. The analyst holds the No. 16 position among almost 8,000 analysts on the TipRanks database. He has been successful on 74% of his ratings, generating a 24% return per rating on average.
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