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