On Semi price target raised to $62 from $52 at BofA

BofA raised the firm’s price target on On Semi (ON) to $62 from $52 and keeps a Neutral rating on the shares. Recent, geopolitically motived shortages at Dutch-headquartered but China-owned auto chip vendor Nexperia are impacting auto supply chains, but might provide only a short-term demand bump, the analyst tells investors. On Semi is most exposed in terms of impact, though it has been exiting much of its low-end discrete portfolio and it is unclear whether there is enough desire at On to requalify its parts to backfill for incremental industry shortages, the analyst added.