On Semi price target raised to $60 from $50 at Craig-Hallum

Craig-Hallum raised the firm’s price target on On Semi (ON) to $60 from $50 and keeps a Hold rating on the shares. The firm remains on the sidelines awaiting a catalyst and a better entry point, though management is now seeing signs of improvement in both their auto and industrial markets but suggest orders are still lagging. Craig-Hallum notes utilization continues to be depressed, down to 68% during the quarter, and will continue to impact gross margins.