On Semiconductor price target lowered to $80 from $90 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on On Semiconductor (ON) to $80 from $90 and keeps a Buy rating on the shares following the CES. Management noted that business has remained relatively weak from a cyclical perspective, with pockets of strength in China more than offset by weakness elsewhere, predominantly in Europe, the analyst tells investors in a research note. The firm says automotive continues to be at the forefront of the softness.