On Semi price target raised to $101 from $66 at Truist

Truist raised the firm’s price target on On Semi (ON) to $101 from $66 and keeps a Hold rating on the shares. The company’s Q1 results and Q2 outlook reflect a cyclical recovery having started, similar to other diversified and cyclical semiconductor names, the analyst tells investors in a research note. Truist is positive on On Semi’s business traction and margin improvements, noting however that these are well understood.