ON Semiconductor price target raised to $90 from $80 at TD Cowen

TD Cowen raised the firm’s price target on ON Semiconductor to $90 from $80 and keeps an Outperform rating on the shares. The firm said its 2024 estimates came down modestly following the 1Q guide which they think this could prove to be conservative, both for SiC and silicon, with management anchoring its SiC expectations to a lower market growth rate.