Morgan Stanley raised the firm’s price target on On Semi (ON) to $55 from $52 and keeps an Equal Weight rating on the shares. Following a “slight beat” in the September quarter and in-line guidance for the December quarter, the firm comes away from earnings with “incremental optimism” on the data center opportunity and improved setup for an inventory replenishment cycle, but adds that its estimates for calendar year 2026 already imply upside from here.
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