Truist lowered the firm’s price target on On Semiconductor (ON) to $85 from $89 and keeps a Buy rating on the shares. The firm reiterated a cautious semiconductor and artificial intelligence sector view, but is more constructive on Nvidia (NVDA) and Monolithic Power (MPWR) while more cautious on Tesla (TSLA). A new analysis suggests we may have additional downward pressure to estimates, the analyst tells investors in a research note.
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Read More on ON:
- ON Semiconductor Expands with Silicon Carbide Acquisition
- On Semiconductor to acquire SiC JFET business from Qorvo for $115M in cash
- ON Semiconductor put volume heavy and directionally bearish
- Analog Devices price target raised to $250 from $245 at BofA
- On Semiconductor initiated with an Overweight at Wells Fargo