On Semiconductor price target raised to $97 from $85 at Truist

Truist raised the firm’s price target on On Semiconductor to $97 from $85 and keeps a Buy rating on the shares. The company’s Q2 results and Q3 outlook were “well better than feared” as the management is doing well relative to what it can control in terms of product development, design wins, and cost management, the analyst tells investors in a research note. On Semi’s portfolio adjustments continue to help revenue and profit growth, while its manufacturing footprint adjustments further boost profit potential, the firm added.