ON Semiconductor (ON) PT Raised to $79 at Mizuho Securities
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Mizuho Securities analyst Vijay Rakesh raised the price target on ON Semiconductor (NASDAQ: ON) to $79.00 (from $72.00) while maintaining a Buy rating.
The analyst commented, "We attended ON's SiC (silicon carbide) fab expansion event in NH (Link). Key takeaways include: 1) ON is increasing its Hudson GTAT SiC capacity 5x by YE2022 to support $4B committed revenue, ramping Bucheon, Korea device/Epi facility 3x in 2023, and 2x in 2024, 2) In-house SiC to drive profitability and supply assurance for OEM customers with backlog, 3) roadmap to 200mm in 2024 without much incremental Capex, and 4) ON sees a potential SiC TAM of $6.5B, at a 33% five-year CAGR."
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