These Analysts Boost Price Targets On ON Semiconductor Following Q2 Results

ON Semiconductor Corp ON) reported better-than-expected earnings for its second quarter.

The company also said it sees Q3 revenue of $2.07 billion - $2.17 billion, above the consensus of $2.02 billion. It expects non-GAAP EPS of $1.25 - $1.37, above the consensus of $1.21.

ON Semiconductor, however, shares fell 0.4% to $63.39 in the pre-market trading session.

Several analysts made changes to their price targets on ON Semiconductor following the release of results.

• Needham raised price target on ON Semiconductor from $60 to $80. However, Needham analyst Rajvindra Gill maintained the stock with a Strong Buy.
• Mizuho lifted boosted ON Semiconductor’s price target from $68 to $72. However, Mizuho analyst Vijay Rakesh maintained the stock with a Buy rating.
• Citigroup boosted the price target on the stock from $73 to $75. However, Citigroup analyst Christopher Danely maintained ON Semiconductor with a Buy.
• Susquehanna raised ON Semiconductor’s price target from $77 to $82. However, Susquehanna analyst Christopher Rolland maintained a Positive rating on the stock.
• Goldman Sachs increased the price target on the stock $60 to $68. However, Goldman Sachs analyst Toshiya Hari maintained ON Semiconductor with a Buy.