On Semi price target raised to $72 from $60 at Mizuho

Mizuho analyst Vijay Rakesh raised the firm’s price target on On Semi (ON) to $72 from $60 and keeps an Outperform rating on the shares. The firm believes the recent pullback in share price “presents an opportunity.” On remains well positioned to benefit from the auto market “given its strong power/connectivity/sensing portfolio,” the analyst tells investors in a research note.