Loop Capital analyst Gary Mobley initiated coverage of On Semiconductor (ON) with a Buy rating and $95 price target The company has been a “consensus short” since late 2023 or once automotive tier-one names began bringing down days of inventory held amid a backdrop of flattening light vehicle production, the analyst tells investors in a research note. While cyclical headwinds may limit On’s bounce off the bottom however, the firm believes that investors should overweight stocks with high exposure to the automotive end market and overweight in the companies exposed to the fastest growing automotive trends like powertrain electrification and AD/ADAS, Loop added.
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