Truist Securities Raises ON Semiconductor Price Target to $66

Truist Securities analyst William Stein raised the price target on ON Semiconductor (NASDAQ: ON) to $66.00 (from $57.00) while maintaining a Hold rating.

“Posts roughly inline Q4 & outlook – modestly better than stabilization; ON continues to right the ship.

ON’s Q4 result & Q1 outlook were similar: modest revenue disappointments coupled with margin upside.

Bulls might point to the performance excluding business exits, but our careful analysis suggests the exits reduced reported / outlook growth by less than 100bps – so, yes, better than stabilization – but only barely.

ON continues to improve the product portfolio and cost structure, and is driving to better margins, but we believe these improvements are largely in the consensus model and the stock.

CY27 EPS goes to $4.14 (from $4.06). PT goes to $66 (from $57) based on 16x (same 12x disc to recently-higher multiple peers). Hold.”

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