On Semiconductor price target lowered to $60 from $100 at Roth MKM

Roth MKM analyst Suji Desilva lowered the firm’s price target on On Semiconductor (ON) to $60 from $100 and keeps a Buy rating on the shares. The company reported Q4 revenue below consensus and guided Q1 well below, reflecting persistent auto demand weakness and end inventory digestion, the analyst tells investors in a research note. The firm believes On’s near-term outlook and visibility are impacted by the ongoing auto electric vehicle demand challenges, particularly in Asia. However, Roth is encouraged that the company is managing its own inventory and business portfolio to maintain profitability and leverage opportunity in a recovery.