Wells Fargo analyst Gary Mobley raised the firm’s price target on ON Semiconductor to $95 from $75 and keeps an Overweight rating on the shares. Like most analog chip companies, ON faces a challenging chip cycle. However, the firm expects a more resilient 2023 for ON and above-average long-term revenue growth, driven by ON’s burgeoning SiC business, which alone, could grow $750M in 2023.
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Published first on TheFly
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