On Semiconductor price target raised to $100 from $90 at Roth MKM

Roth MKM raised the firm’s price target on On Semiconductor to $100 from $90 and keeps a Buy rating on the shares after its Q2 earnings beat. The company’s results reflected stabilizing channel inventories and recovering demand trends, particularly in the China auto/renewable markets, and the firm is encouraged by On Semiconductor’s diversification opportunity geographically with auto power and into newer end markets, the analyst tells investors in a research note.