GLOBALFOUNDRIES (NASDAQ:GFS) reported strong Q3 results and Q4 guidance, but investor attention is understandably focused on macro headwinds intensifying heading into 2023 as a wide array of fabless semiconductor companies have recently lowered their forward guides.

Q3 EPS came in at $0.67, better than the Street estimate of $0.60. Revenue was $2.1 billion, compared to the Street estimate of $2.05 billion.

Analysts at Deutsche Bank raised their price target to $67 from $60 while reiterating their buy rating. Despite the company’s strong execution, growing LTAs, and proactive adjustments to macro reality, the analysts expect most investors will view the company’s ability to grow next year as challenging.