ON Semiconductor (ON) PT Lowered to $85 at TD Cowen

TD Cowen analyst Joshua Buchalter lowered the price target on ON Semiconductor (NASDAQ: ON) to $85.00 (from $90.00) while maintaining a Buy rating.

The analyst commented, "Given negative EV/Tesla sentiment, a modest guide-down proved good enough. SiC commentary limited, but onsemi still expects growth (2x market) in 2024 and diversification, which should assuage concerns of Tesla headwinds. 45% floor for GM is an achievement that shouldn't be overlooked...and bodes well for a utilization recovery in addition to self-help levers. We do believe onsemi has done well managing utilization rates and on-books/channel inventory, and Onsemi's plans to refill channel inventory could present a growth tailwind. Ests slightly lower, Buy, PT to $85."

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