Truist lowered the firm’s price target on On Semiconductor (ON) to $89 from $97 but keeps a Buy rating on the shares. The company beat Q3 consensus modestly but guided Q4 a hair below consensus and gave a mix of updates that are unlikely to “change opinions”, the analyst tells investors in a research note. Truist adds however that while it is cutting its 2025 EPS view to $4.44 from $4.83, it recommends that investors buy the stock with shares “not at peak” earnings multiple but the company “at the bottom of its cycle”.
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