KeyBanc raised the firm’s price target on On Semi (ON) to $125 from $75 and keeps an Overweight rating on the shares. The firm notes the company posted solid Q1 results, which were slightly above, and guided Q2 higher. Most notably, management is finally seeing signs of a meaningful recovery given leading indicators such as lead times, B2B, and backlog are all trending positively, with expectations for strong second half of the year seasonality.
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