ON Semiconductor price target raised to $90 from $75 at Roth MKM

Roth MKM raised the firm’s price target on ON Semiconductor to $90 from $75 and keeps a Buy rating on the shares. The company’s Q4 revenue was in line with expectations, reflecting continued broad inventory impact across key automotive and industrial end markets, the analyst tells investors in a research note. Roth MKM adds that the firm expects ON Semiconductor’s SIC power business to continue to grow with share gains and incremental content across a growing global automotive customer base.