ON Semiconductor (ON) PT Raised to $45 at Piper Sandler After Meeting with New CEO

January 25, 2021 8:29 AM EST
Get Alerts ON Hot Sheet
Price: $42.96 -0.23%

Rating Summary:
    23 Buy, 7 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 17 | Down: 14 | New: 42
Trade Now! 
Join SI Premium – FREE

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

Piper Sandler analyst Harsh Kumar raised the price target on ON Semiconductor (NASDAQ: ON) to $45.00 (from $35.00) after meeting with Hassane El-Khoury (new CEO).

The analyst stated "We remain very confident in Mr. El-Khoury’s ability to execute given his history at Cypress. In the near term, management appears very focused on driving gross margin expansion through product pruning, operational improvements, a manufacturing footprint transformation, and cultural changes. In addition, we feel the company is well positioned in the automotive market, as the company’s product set should see tailwinds from strong market growth and further EV and ADAS adoption. Overall, we see significant value being unlocked as Mr. El-Khoury executes on his strategic direction. We reiterate our Overweight rating and are increasing our price target".

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst PT Change