Craig-Hallum analyst Anthony Stoss downgraded ON Semiconductor (ON) to Hold from Buy with a price target of $78, down from $132, following the Q3 report. The analyst believes the recent weakening of demand for electric vehicles leaves the company “vulnerable” in the near-term. The firm believes the customer ON stated is cutting orders is Tesla (TSLA), and it says “others aren’t far behind.” Near-term auto uncertainty, higher interest rates, and lowered demand for EVs will likely negatively impact the next several quarters or much of 2024, the analyst tells investors in a research note. As a result, Craig-Hallum believes investors should remain cautious and 2024 could be a tougher year for ON.
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