BofA lowered the firm’s price target on On Semi (ON) to $56 from $62 and keeps a Neutral rating on the shares. While “encouraged” by a transition in demand from inventory draining to more stable trends, the firm does not anticipate an upshift from restocking tailwinds yet and is still waiting for a sustained inflection in auto demand, although acknowledges Nexperia “presents an upside risk,” the analyst tells investors.
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