Truist analyst William Stein raised the firm’s price target on ON Semiconductor to $93 from $83 and keeps a Buy rating on the shares. The company’s Q4 results were "good" but Q1 outlook was weaker and its 2023 is expected to be a transition year as product line exits, big SiC ramps, and factory transitions put a lot of noise in the model, the analyst tells investors in a research note. The firm maintains a positive view on the stock however, stating that its higher and more stable growth and margins should lift its earnings multiple over time.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on ON:
- ON Semiconductor price target raised to $89 from $70.40 at Morgan Stanley
- ON Semiconductor price target raised to $88 from $69 at Benchmark
- ON Semiconductor price target raised to $95 from $81 at Cowen
- BofA maintains STMicroelectronics estimates after ON confirms Tesla as customer
- ON Semiconductor price target raised to $100 from $80 at Susquehanna