BMO Capital analyst Ambrish Srivastava upgraded ON Semiconductor to Outperform from Market Perform and raised his price target for the shares to $30 from $20. The analyst this morning also downgraded Xilinx (XLNX) to Market Perform from Outperform. He believes ON will continue to execute on its strategic focuses and will remain structurally more profitable going forward. Srivastava recommends buying the shares "on the inevitable lowering in lead times." He sees downside to $17 per share, with upside to $35.

BofA raised the firm's price target on Texas Instruments (TXN) to $190 from $175 and keeps a Neutral rating on the shares. TI's small Q1 beat and inline but sequentially rising Q2 sales guidance, "while modest, potentially marks a recovery inflection in industrial chip demand," with positive read-across for U.S. peers such as Analog Devices (ADI), Microchip (MCHP), NXP Semiconductors (NXPI) and On Semiconductor (ON), the analyst tells investors. However, despite an expected recovery, TI's sustained high capex intensity could keep reported calendar year 2024-26 pro-forma EPS below $6 per share, the analyst added.

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Wells Fargo lowered the firm's price target on On Semiconductor (ON) to $95 from $110 and keeps an Overweight rating on the shares ahead of quarterly results. The firm anticipates On to deliver a Q2 guide slightly below expectations as it adjusts to Tesla-specific (TSLA) production softness specific to image sensor and SiC sales.