ON Semiconductor price target raised to $89 from $70.40 at Morgan Stanley

Morgan Stanley analyst Joseph Moore raised the firm’s price target on ON Semiconductor to $89 from $70.40 and keeps an Equal Weight rating on the shares. Guidance was weak, even relative to peers, but "the idiosyncratic elements of the story are improving" as margins hold up and customer announcements add to silicon carbide clarity, the analyst tells investors in a research note.