Truist lowered the firm’s price target on On Semi (ON) to $43 from $52 and keeps a Hold rating on the shares. The company beat on revenue and earnings in both Q1 results and Q2 guide, but the more nuanced story is that the beat is coming from the least strategic “other” end market, while the most strategic Autos end market is missing, the analyst tells investors in a research note. The bookings strength that On Semi saw during Q1 abated in early Q2 after tariffs were announced, the firm adds.
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