On Semiconductor price target lowered to $52 from $64 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on On Semiconductor (ON) to $52 from $64 and keeps an Underweight rating on the shares ahead of the company reporting results before the market open on Monday, February 10. The firm lowered its FY25 and FY26 estimates, roll over its valuation base year and revised down its target multiple applied to its new FY26 EPS estimate of $3.99, bringing down its price target