Cantor Fitzgerald Reiterates Neutral on ON Semiconductor, $110 Price Target

Cantor Fitzgerald analyst Matthew Prisco reiterated a Neutral rating and $110 price target on ON Semiconductor (NASDAQ: ON).

“Overall, the Analog space is increasingly becoming a bottleneck, with upside to estimates paired with investor sentiment that has soured meaningfully across the group – resulting in ample opportunity today at attractive valuations.

As such, despite the Analog stocks being serially underperformers to the SOX over the past number of years (feels like even at the best of times performing roughly in-line), we are positive on the setups today, and would now be buyers of the group – looking for incremental positive commentary to surface over the coming months (perhaps even conference season given the strength of our checks).”

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