Loop Capital analyst David Williams lowered his price target on ON Semiconductor to $23 after its "mixed" Q2 results with in-line earnings and below-consensus revenue and Q3 guidance. The analyst also keeps his Buy rating, saying the shortfall in Q2 was predominantly driven by additional operating expenses around Quantenna close, adding that the company's "core drivers remain intact" and will resurface once trade uncertainties are resolved. Williams further notes that ON Semi's channel inventory health is improving and its inventory burn is "nearly complete".

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.