Morgan Stanley analyst Joseph Moore raised the firm’s price target on On Semiconductor (ON) to $64 from $63 and keeps an Underweight rating on the shares. The firm, which says it continues to have confidence in its cautious auto semi view, recognizes that it may take a while for OEM inventory strategy to shift and “the ripple effect to impact semi suppliers.” However, the firm also notes that On Semi did guide for a seasonal decline in the March quarter, spoke of possibly lowering utilization in the December quarter, and talked about sell-through at certain OEMs being weaker than anticipated.
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