Cantor Fitzgerald Lowers ON Semiconductor Price Target to $90
Cantor Fitzgerald analyst Matthew Prisco lowered the price target on ON Semiconductor (NASDAQ: ON) to $90 (from $110) while maintaining a Neutral rating.
“The market was clearly not overly thrilled with ON’s Analyst Day as the stock traded off ~9% with various dynamics cited in our conversations as potential drivers such as a CY30 target model roughly in line with expectations (buyside was already at $10+ EPS, with bias higher), slowing DC growth in the CY27-CY30 timeframe (“only” 30%+ CAGR following the quadrupling of revs from CY25-27), front-run TAM expansion vision at earnings (taking some of the “punch” out of numbers), limited change to GM trendline (milestone remains ~53%, upside thereafter), etc.
And while we were more cautious around ON into the AD, we are a bit surprised by the magnitude of the sell-off…Ahead of deeper work into the EPP opportunity, we reiterate our Neutral rating and adjust our price target to $90 (from $110) to better reflect the current backdrop (equating to 14x our CY28 upside EPS vs.
17x before) – but to be clear, we are walking away incrementally positive on the ON story as we look to get smarter on this newly announced technology.”
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