Truist lowered the firm’s price target on ON Semiconductor to $81 from $122 but keeps a Buy rating on the shares. The company’s Q3 results were “good” but its outlook was “weak”, contrasting the management’s “confident” messaging and highlighting the weak end markets, the analyst tells investors in a research note. Truist adds however that it remains positive on ON Semiconductor as its portfolio adjustments continue to improve and given that its SiC manufacturing execution has been excellent.
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