UBS Reiterates Neutral on ON Semiconductor, $95 Price Target
UBS analyst Timothy Arcuri reiterated a Neutral rating and $95 price target on ON Semiconductor (NASDAQ: ON).
“ON made a solid argument for DD annual revenue growth, but the model was only just in-line w/our preview and we got the sense into the event that investors expected something above our previewed numbers.
ON maintained margin assumptions embedded in its prior model, but the demand environment has also improved significantly since that model was established (notably data center) so it’s hard to argue this is a win.
All in, there are pockets of excitement, but our estimates are unchanged, we remain Neutral, and we prefer other stocks in the analog complex.”
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