Jefferies analyst Mark Lipacis upgraded ON Semiconductor to Buy from Hold and raised his price target for the shares to $29 from $26. ON's fundamentals are bottoming and the company will post upside surprises and see its valuation expand as it tracks to its 2022 target margins, Lipacis tells investors in a research note following the company's better than expected Q1 results. The analyst says ON's commentary supports his view that semis are entering a sustained period of upward estimate revisions

Truist lowered the firm's price target on On Semiconductor to $85 from $89 but keeps a Buy rating on the shares. The company's below-consensus Q2 outlook marked "another reset", though On Semi is doing well relative to what it can control: product development and design wins, the analyst tells investors in a research note. Truist adds that the diminished disclosure around SiC is "annoying", but the firm remains at Buy because the portfolio adjustments continue to benefit the company and its manufacturing footprint moves continue to drive further benefits.

KeyBanc analyst John Vinh lowered the firm's price target on On Semiconductor to $90 from $100 and keeps an Overweight rating on the shares. The firm notes ON posted solid Q1 results, which were slightly above expectations, and guided Q2 lower as auto and industrial end markets correct. While not calling Q2 the bottom, ON noted that it is seeing signs of stabilization in the traditional segment of its industrial business, and despite the lowered outlook for auto and SiC, indicated that it still sees the SiC TAM growing this year and reiterated expectations to grow 2-times based on design wins and share gains. KeyBanc is encouraged with these better than feared results.

Mizuho analyst Vijay Rakesh lowered the firm's price target on On Semiconductor to $87 from $92 and keeps a Buy rating on the shares. The company issued soft guidance but reported good gross margins, the analyst tells investors in a research note. The firm points out the company sees a stable second half of 2024.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here