On Semi price target lowered to $50 from $60 at Roth Capital

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’s Q1 revenue was above consensus and the management guided to a steady Q2, reflecting recovering industrial and China EV demand offsetting continued global auto weakness and increased tariff-related auto uncertainty, the analyst tells investors in a research note. Roth adds that On Semi continues to focus on cost efficiencies and rightsizing its manufacturing footprint to drive gross margin recovery opportunity.