On Semiconductor price target lowered to $70 from $90 at KeyBanc

KeyBanc lowered the firm’s price target on On Semiconductor (ON) to $70 from $90 and keeps an Overweight rating on the shares. The firm sees negative implications for the analog group, as broad-based demand trends remain weak with the exception of China auto/handsets. While KeyBanc is still not seeing signs of meaningful restocking/recovery, it remains constructive on the group as the firm believes “we remain closer to the end of the cycle than not.”