On Semi price target lowered to $55 from $65 at Loop Capital

Loop Capital lowered the firm’s price target on On Semi (ON) to $55 from $65 and keeps a Buy rating on the shares. The company reported better than expected Q1 results and Q2 guidance, though the firm’s price target cut reflects lower peer-group multiples, the analyst tells investors in a research note. The direct impact to On Semi from tariffs is minimal whereas the indirect impact will depend on demand destruction for goods that the company is designed into, the firm adds.