Wells Fargo Starts ON Semiconductor (ON) at Overweight

Wells Fargo analyst Joe Quatrochi initiates coverage on ON Semiconductor (NASDAQ: ON) with a Overweight rating and a price target of $85.00.

The analyst comments "While semi demand continues to bounce along the bottom, we think onsemi's competitive position can drive accelerating revenue growth from expanding opportunities related to BEV adoption of SiC. Initiate OW; $85 PT. Re-Accelerating SiC Oppy; 2025 Revenue Bogey = $1.1B? Despite a disappointing yr for onsemi's SiC revenue growth (+MSD-% y/y), we are positive on the potential oppy for growth re-accel in 2025. With SiC penetration relatively low ex-Tesla (we est ~11.5% in '24; flattish y/y), our auto SiC analysis model (sendable upon request) leaves us to est 2025 onsemi auto SiC rev in the $900M+ range (+33% y/y) w/ potential share gains driving further revenue upside; total 2025 SiC rev at ~$1.1B (+27% y/y)."

For an analyst ratings summary and ratings history on ON Semiconductor click here. For more ratings news on ON Semiconductor click here.

Shares of ON Semiconductor closed at $68.47 yesterday.

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