ON Semiconductor price target raised to $98 from $83 at Stifel

Stifel analyst Tore Svanberg raised the firm’s price target on ON Semiconductor to $98 from $83 and keeps a Hold rating on the shares. The current investing environment is “quite challenging,” which is largely due to mixed data points, the analyst tells investors. Earnings cuts have been seen across the firm’s coverage universe and the stocks are close to 52-week highs, Stifel adds. In the current “mixed” environment, Stifel recommends 3 types of stocks: strong, resilient companies during downturns; companies that have already experienced material resets; and companies with a strong balance sheet.