On Semiconductor price target lowered to $80 from $88 at Benchmark

Benchmark lowered the firm’s price target on On Semiconductor to $80 from $88 and keeps a Buy rating on the shares. On’s results were better than feared, with stabilization in the Auto market and moderate improvement in traditional Industrial, but the outlook missed expectations on persistent inventory digestion and tepid demand environment, says the analyst, who is growing “increasingly cautious on the sustainability of the growth trajectory in the mid to longer term on the global SiC capacity expansion coming online” and an anticipated mix shift toward lower content auto platforms over time.