On Semi price target raised to $60 from $40 at Citi

Citi analyst Christopher Danely raised the firm’s price target on On Semi (ON) to $60 from $40 and keeps a Neutral rating on the shares as part of a Q2 earnings preview for the semiconductor group. The firm increased estimates, saying prior assumptions that tariffs would drive to a slowdown in the sector does not appear to be happening. Citi expects a sector upturn driven by solid demand and inventory replenishment. The analyst sees the most upside in Microchip (MCHP) and Texas Instruments (TXN).