ON Semiconductor (ON) PT Lowered to $90 at KeyBanc

KeyBanc analyst John Vinh lowered the price target on ON Semiconductor (NASDAQ: ON) to $90.00 (from $100.00) while maintaining a Overweight rating.

The analyst commented, "ON posted solid 1Q results, which were slightly above expectations, and guided 2Q lower as auto and industrial end markets correct. While not calling 2Q the bottom, ON noted that it is seeing signs of stabilization in the traditional segment of its industrial business, and despite the lowered outlook for auto and SiC, indicated that it still sees the SiC TAM growing this year and reiterated expectations to grow 2x based on design wins and share gains. We're encouraged with these better than feared results. As such, we're lowering estimates and our PT to $90. Reiterate Overweight."

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