On Semi price target raised to $60 from $50 at Benchmark

Benchmark analyst David Williams raised the firm’s price target on On Semi (ON) to $60 from $50 and keeps a Buy rating on the shares after the company delivered “mostly in-line” results and guidance with ongoing stabilization across its end markets. While the firm recognizes near-term margin headwinds are an overhang, it expects a sharp rebound as volume returns, the analyst tells investors in a post-earnings note.