Needham analyst Quinn Bolton has maintained their bullish stance on ON stock, giving a Buy rating today.
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Quinn Bolton has given his Buy rating due to a combination of factors that suggest ON Semiconductor is poised for recovery. The company has delivered strong results and provided guidance that surpasses market expectations, indicating a positive outlook. Management’s conservative approach, despite the improving conditions, reflects a cautious optimism that is likely to benefit the company in the long run.
Furthermore, the automotive sector appears to have reached its lowest point, with expectations of sequential growth in the upcoming quarter. Additionally, ON Semiconductor’s strategic moves, such as increasing utilization rates and exiting non-core product lines, are expected to enhance operational efficiency and profitability. These factors, combined with the raised price target, underscore the potential for future growth, justifying the Buy rating.
In another report released today, Piper Sandler also maintained a Buy rating on the stock with a $60.00 price target.