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.
Published first on TheFly
See today’s best-performing 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