ON Semiconductor price target lowered to $89 from $94 at Truist

Truist lowered the firm’s price target on ON Semiconductor to $89 from $94 but keeps a Buy rating on the shares. The company’s Q4 results were better than expected but its soft Q1 outlook represented “another reset”, the analyst tells investors in a research note. The firm adds however that it remains positive on the stock longer term as its portfolio adjustments continue to improve, its SiC manufacturing execution has been excellent, and Truist expects SiC revenue growth to be robust long-term.