On Semiconductor price target lowered to $85 from $89 at Truist

Truist lowered the firm’s price target on On Semiconductor to $85 from $89 but keeps a Buy rating on the shares. The company’s below-consensus Q2 outlook marked “another reset”, though On Semi is doing well relative to what it can control: product development and design wins, the analyst tells investors in a research note. Truist adds that the diminished disclosure around SiC is “annoying”, but the firm remains at Buy because the portfolio adjustments continue to benefit the company and its manufacturing footprint moves continue to drive further benefits.