ON Semiconductor price target raised to $77 from $70 at Deutsche Bank

Deutsche Bank analyst Ross Seymore raised the firm’s price target on ON Semiconductor to $77 from $70 and keeps a Buy rating on the shares. Heading into 2023, the analyst expects semiconductor investor focus to move to finding a "bottom in both fundamentals and share prices." Fundamental weakness is more likely to be spread over a longer duration given the rolling nature of the downturn up to this point, Seymore tells investors in a research note. He believes the recent significant rally in the group is premature given the likelihood of continued fundamental deterioration and therefore expects a "superior opportunity to become more constructive to emerge later in 2023."