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On Semiconductor price target lowered to $71 from $85 at Mizuho

On Semiconductor price target lowered to $71 from $85 at Mizuho

Mizuho analyst Vijay Rakesh lowered the firm’s price target on On Semiconductor (ON) to $71 from $85 and keeps an Outperform rating on the shares. The company reported a “slightly weak” December quarter and guided the March quarter down 19% quarter-over-quarter, well below consensus of down 4%, on broad-based demand headwinds, the analyst tells investors in a research note. The firm sees near-term headwinds for On with limited customer visibility in the first half of 2025. However, the company’s long-term roadmap is intact as electric vacuoles continue to drive higher content, contends Mizuho.

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