On Semiconductor downgraded to Hold from Buy at Truist

Truist downgraded On Semiconductor (ON) to Hold from Buy with a price target of $60, down from $85, after meeting with management. The company noted that recent demand trends have deteriorated, the analyst tells investors in a research note. The firm says management indicated that the business it intended to exit over the last couple of years will come to fruition this year, further pressuring revenue and, in turn, margins. Despite the recent selloff in the shares, Truist says a more cautious stance on the stock as warranted until estimates are reset lower.