ON Semiconductor price target raised to $90 from $85 at BofA

BofA raised the firm’s price target on ON Semiconductor to $90 from $85 and keeps a Buy rating on the shares. Q4 results were in line, and while Q1 was below consensus, it was “somewhat better than feared,” says the analyst, who raised the firm’s calendar year 2024 and 2025 pro forma EPS estimates by 5% and 2% to $4.36 and $5.51, respectively.