ON Semiconductor’s Q3 Solid, Analysts Highlight L-Shaped Recovery
Shares of ON Semiconductor Corp (NASDAQ:ON) remained volatile in early trading on Tuesday, even after the company reported upbeat third-quarter revenues.
The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.
Needham On ON Semiconductor
Analyst Quinn Bolton maintained a Buy rating, while reducing the price target from $92 to $87.
ON Semiconductor reported “solid” results and guided to a flattish fourth quarter, “as inventory digestion and overall demand weakness persists across its end markets,” Bolton said in a note. Management expects an “L-shaped” recovery to continue through the first half of 2025 as “pockets of strength in Automotive and Industrial are not enough to offset overall demand softness,” he added.
Data center is “becoming an increasingly exciting opportunity,” with ON Semiconductor winning three of the four leading hyperscalers in North America, the analyst said. “These design wins are expected to ramp in 2025,” he further wrote.
Goldman Sachs On ON Semiconductor
Analyst Toshiya Hari reiterated a Buy rating, while raising the price target from $89 to …
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