Citi lowered the firm’s price target on ON Semiconductor to $85 from $125 and keeps a Buy rating on the shares. The company reported good Q3 results but guided below consensus due to the correction in the auto/industrial end markets with weakness in its silicon carbide business, the analyst tells investors in a research note. The firm lowered estimates and the price target but remains Buy-rated saying the silicon carbide ramp should offset some weakness.
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