On Semi price target lowered to $54 from $60 at Citi

Citi lowered the firm’s price target on On Semi (ON) to $54 from $60 and keeps a Neutral rating on the shares. The company reported results that were roughly in line with consensus but gross margins were guided below consensus, with the Silicon Carbide business remaining dilutive, the analyst tells investors in a research note. On Semi also continues to exit low-margin businesses, though Citi expects its gross margins to remain under pressure due to slowing growth in the lower-gross margin Silicon Carbide business, the firm added.