ON Semiconductor Manages Profitability Against Odds, 5 Analysts Raise Forecasts As ‘Inventory Health Slowly Improves’
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Shares of ON Semiconductor Corp (NASDAQ:ON) tanked in early trading on Tuesday, despite the company reporting upbeat second-quarter earnings.
The results came amid an exciting earnings season. Here are some key analyst takeaways.
- Goldman Sachs analyst Toshiya Hari reiterated a Buy rating, while raising the price target from $89 to $95.
- Rosenblatt Securities analyst Kevin Cassidy maintained a Neutral rating, while lifting the price target from $70 to $75.
- JPMorgan analyst Harlan Sur reaffirmed a Neutral rating, while raising the price target from $85 to $88.
- Benchmark analyst David Williams reiterated a Buy rating, while lifting the price target to $90.
- Truist Securities analyst William Stein maintained a Buy rating, while raising the price target from $85 to $97.
Check out other analyst stock ratings.
Goldman Sachs: Contrary to concerns leading up to the results, ON Semiconductor reported solid quarterly results and guided to gross margins of 45.4% for the third quarter, Hari said in a note. The company reported revenues of $1.74 billion, down 17% year-on-year, but ahead of consensus, he added.
ON Semiconductor’s non-GAAP gross margin came in at 45.3%, beating the Street …
Full story available on Benzinga.com
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