ON Semiconductor price target lowered to $90 from $120 at Deutsche Bank

Deutsche Bank analyst Ross Seymore lowered the firm’s price target on ON Semiconductor to $90 from $120 and keeps a Buy rating on the shares post the Q3 report. After relatively consistent beats and raises for the last three years, ON’s business “has finally succumbed to macro pressures,” with its near- and medium-term outlooks significantly missing Street expectations, the analyst tells investors in a research note. The company flagged Automotive weakness at Tier 1 auto suppliers in Europe on softening demand for autos globally, “reigniting fears of a looming cyclical correction in Automotive semis,” says the firm. However, Deutsche views the post-earnings pullback as a buying opportunity.