KeyBanc lowered the firm’s price target on ON Semiconductor (ON) to $95 from $125 and keeps an Overweight rating on the shares. The firm notes ON posted strong Q3 results and lowered 4Q guidance, citing broad-based weakness at tier 1 European auto and lowered demand for SiC at one EV customer, which KeyBanc believes is likely Tesla (TSLA). The firm is “disappointed” in these results, but remains Overweight, as it still sees long-term secular growth in EVs and energy infra lead by SiC.
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