Jefferies lowered the firm’s price target on ON Semiconductor to $95 from $125 and keeps a Buy rating on the shares after Q4 revenue and EPS forecasts missed consensus by 8% and 12%, respectively. ON noted weakness in Silicon Carbide, or SiC, products across end markets and lowered its calendar 23 SiC revenue growth expectations, adding that it does not expect a recovery in the first half of 2024, noted the analyst. Despite near-term moderation of the SiC ramp, the firm remains bullish on ON’s SiC position, the analyst added.
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