UPDATE: ON Semiconductor (ON) PT Raised to $50 at Raymond James

February 2, 2021 7:11 AM EST
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Price: $36.49 +1.98%

Rating Summary:
    24 Buy, 6 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 8 | New: 73
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(Updated - February 2, 2021 7:12 AM EST)

Raymond James analyst Chris Caso raised the price target on ON Semiconductor (NASDAQ: ON) to $50.00 (from $45.00) while maintaining a Outperform rating.

The analyst comments "We reiterate our Outperform rating on ON Semiconductor and raise our price target to $50 following December quarter results. The quarter and guidance were strong, driven by a strong industry recovery, particularly in automotive, and tightening supply conditions that are benefiting both utilization and pricing. The real interest however is about what improvement the new management team can bring to drive structurally higher margins, and management intends to unveil a plan at an analyst event in August. In the meantime, we expect a steady tailwind from improving demand and low customer inventory. Ultimately, we're assuming about $2.50 in earnings power assuming a continued recovery and some margin improvement."

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