ON Semiconductor (ON) PT Raised to $38 at Loop Capital
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Loop Capital analyst David Williams raised the price target on ON Semiconductor (NASDAQ: ON) to $38.00 (from $32.00) while maintaining a Buy rating.
The analyst comments "ON Semi delivered a strong quarter and issued 1Q guidance above consensus estimates on the top and bottom lines as the new CEO delivered his first quarterly report since joining the company. While we are encouraged by the operational performance this quarter, we believe the focus will be on Mr. El-Khoury’s strategic vision, roadmap and accountability which will resonate well with investors. Many unknowns remain, however the tactical first step of rationalizing the portfolio will provide direction on how best to right size the manufacturing footprint, contain opex, and reallocate investment spend to unlock meaningful margin accretion. However, we are cognizant of the challenges which likely obscure progress for at least a few quarters, particularly revenue headwinds on product eliminations. While we are upbeat on the strategic plan, risks remain on execution with much heavy lifting to accomplish. In our view, the valuation has largely already priced in the upside we believe is achievable in the intermediate term. Lacking visibility to a clear catalyst beyond the new leadership, we remain on the sidelines, but raise our price target to reflect the improved profitability and confidence investors are likely feeling."
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