BofA raised the firm’s price target on ON Semiconductor (ON) to $100 from $90 and keeps a Buy rating on the shares following "management’s confident presentation at a broker event" as well as the recent news of an EV win with BMW (BMWYY). Despite macro headwinds, auto semis remains a bright spot, as affirmed by ON and several peers, said the firm, which continues to identify the stock as "a top autos pick."
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on ON:
- onsemi (NASDAQ:ON) Fortifies Auto Segment with BMW Deal
- Tesla announcement not near-term risk for ON Semiconductor, says Citi
- Long-term implications of Tesla news remain unclear for ON Semi, says Stifel
- Uncertainty emerges for On Semi post-Tesla Analyst Day, says Deutsche Bank
- ON Semiconductor downgraded to Market Perform at Raymond James on valuation