Mizuho, Susquehanna Cut Price Targets On ON Semiconductor Following Q3 Results, But This Analyst Boosts PT

ON Semiconductor Corporation ON reported upbeat earnings for its third quarter.

ON Semiconductor reported third-quarter FY22 revenue growth of 26% year-on-year to $2.19 billion, beating the consensus of $2.12 billion. Non-GAAP EPS of $1.45 beat the consensus of $1.32.

ON Semiconductor sees Q4 revenue of $2.01 billion - $2.14 billion, versus the consensus of $2.10 billion. It sees non-GAAP EPS of $1.18 - $1.34 versus the consensus of $1.25.

ON Semiconductor shares gained 2% to $62.65 in pre-market trading.

These analysts made changes to their price targets on ON Semiconductor after the company released quarterly results.

• Mizuho cut price target on ON Semiconductor from $79 to $72. Mizuho analyst Vijay Rakesh maintained a Buy rating on the stock.
• Susquehanna lowered ON Semiconductor price target from $82 to $80. Susquehanna analyst Christopher Rolland maintained a Positive rating on the stock.
• Morgan Stanley, however, raised ON Semiconductor price target from $65 to $70.4. Morgan Stanley analyst Joseph Moore maintained the stock with an Equal-Weight.