On Semiconductor price target raised to $90 from $80 at Benchmark

Benchmark raised the firm’s price target on On Semiconductor to $90 from $80 and keeps a Buy rating on the shares. Q2 results and the outlook modestly missed expectations, but were better than feared following downward adjustments and negative commentary from peers, the analyst tells investors. The firm looks for revenue to rebound sharply in 2025 with sales seemingly finding a bottom in Q2, a strong pipeline of new design wins and improving China demand, the analyst added.