ON Semiconductor (ON) PT Raised to $44 at Truist Securities On ST and LT Structural Improvements
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Truist Securities analyst Bill Stein raised the price target on ON Semiconductor (NASDAQ: ON) to $44.00 (from $41.00) after the company reported powerful Q4 results and offered Q1 guidance that was solidly above consensus.
The analyst reiterated a Buy rating, stating "We continue to see improvements N/T from the cycle, and L/T from restructuring. What's getting better now: ON is delivering structural improvements in growth & GPM today, through low-GPM portfolio pruning combined with price adjustments (without fab closures). Ultimately our EPS levels are being pulled in by about a full year. CY22 EPS goes to
$2.01 (from $1.86). PT goes to $44 (from $41), based on 22x CY22 EPS (peers at 25x - traditional 3x discount)."
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