On Semi price target raised to $56 from $55 at Morgan Stanley

Morgan Stanley analyst Joseph Moore raised the firm’s price target on On Semi (ON) to $56 from $55 and keeps an Equal Weight rating on the shares. On November 17, On Semiconductor disclosed in an 8-K filing that it expects an incremental $200M-$300M of asset impairment charges to be recognized from the December quarter through 1H26, notes the analyst, who views the incremental impairments as most likely associated with On’s Silicon Carbide manufacturing assets and models the company to recognize $250M of impairment charges over the next three quarters. The firm, which also noted the company’s $6B share buyback program announcement, points out that its estimates increase largely due to a lower share count.