On Semi initiated with a Neutral at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage of On Semi (ON) with a Neutral rating and $55 price target The firm is seeing signs that the cycle is turning with positive commentary generally across the Analog group, and says the group is underowned. Having confidence in the structural transformation will take time, and On Semi’s overexposure to Auto isn’t ideal into the upcycle, the analyst tells investors in a research note.