- ON Semiconductor Corp ON shares are trading higher Wednesday after multiple firms raised their respective price target on the stock after attending the analyst meeting at the Times Center in New York.
- Needham analyst Rajvindra Gill reiterates ON with a Strong Buy and a $110 price target.
- The incremental takeaways include: 1) SiC should grow at a 70% CAGR, and management estimates its market share at 35-40%; 2) OEMs are working with ON's SiC products across its entire platform, and ON has developed three solutions for entry-level (at stable gross margins) and 3) the company has customer wins and Long-term Service Agreement (LTSA) for a rare earth replacement solution.
- Also Read: ON Semiconductor Looks To Earmark $2B On EV Chip Production
- Rosenblatt analyst Kevin Cassidy reiterates ON with a Buy and a $95 price target.
- The management has laid out the company's next phase of structural changes implying a continued focus on Intelligent Power and Intelligent Sensors for the Industrial and Automotive markets, doubling down on SiC vertical integration, investing in proprietary products, and optimizing internal product manufacturing (Fab Right).
- The analyst is impressed with the strategy and the transformation of the company.
- Mizuho analyst Vijay Rakesh maintains ON with a Buy and raises the price target from $90 to $93.
- The analyst liked ON's strength in Auto and Industrial, with SiC driving the next global energy transformation and a solid revenue and margin roadmap to 2027E.
- B of A Securities analyst Vivek Arya maintains ON with a Buy and raises the price target from $100 to $110.
- Stifel analyst Tore Svanberg maintains ON with a Hold and raises the price target from $78 to $83.
- Jefferies analyst Mark Lipacis maintains ON with a Buy and raises the price target from $93 to $99.
- BMO Capital analyst Ambrish Srivastava maintains ON with a Market Perform and raises the price target from $85 to $100.
- ON Price Action: ON Semiconductor shares are trading higher by 3.50% at $85.92 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
|---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
