On Semiconductor price target lowered to $90 from $95 at KeyBanc

KeyBanc analyst John Vinh lowered the firm’s price target on On Semiconductor to $90 from $95 and keeps an Overweight rating on the shares. The firm sees mixed implications for the broader analog group, as channel feedback indicates slightly weaker demand trends across most end markets including consumer, PC, smartphones, industrial, and auto. However, KeyBanc is seeing some signs that automotive semis could be approaching a bottom in Q3/Q4, as inventories are getting closer to normalizing and it sees signs of customers starting to place orders into backlog and book out capacity for new model launches.