Roth Capital lowered the firm’s price target on On Semi (ON) to $50 from $60 and keeps a Buy rating on the shares. The company Q1 revenue above consensus and guided to a “steady” Q2, reflecting recovering industrial and China electric vehicle demand offsetting continued global auto weakness and increased tariff-related auto uncertainty, the analyst tells investors in a research note. The firm believes On continues to focus on cost efficiencies and rightsizing its manufacturing footprint to drive gross margin recovery opportunity. The company is impacted by seasonality and soft global auto demand, the Roth adds.
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