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On Semi price target raised to $56 from $48 at JPMorgan

JPMorgan raised the firm’s price target on On Semi (ON) to $56 from $48 and keeps a Neutral rating on the shares. The company reported solid Q2 results driven by better-than-expected trends in auto and other segments, which more than offset muted industrial trends, the analyst tells investors in a research note. Within On Semi’s automotive business, the team’s solid China EV pipeline is driving growth, though it was partially offset by order volatility within its American/European auto OEMs, the firm added.

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