Onsemi beats fourth-quarter estimates on strong chip demand
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ON Semiconductor (ON) PT Lowered to $90 at JPMorgan
February 5, 2024 4:41 PM ESTJPMorgan analyst Harlan Sur lowered the price target on ON Semiconductor (NASDAQ: ON) to $90.00 (from $95.00) while maintaining a Neutral rating.
The analyst comments "ON Semi reported 4Q results slightly better than consensus, with end market performance largely in line with expectations. For the 1Q outlook, the team guided revenues down 8% Q/Q, below consensus but better than market expectations given the double-digit % Q/Q decline seen from its diversified peers (e.g. TXN down 12% Q/Q and MCHP down 25% Q/Q). ONs quarterly peak-to-trough revenue decline is ~15-20% (vs peers... More
