Piper Sandler raised the firm’s price target on On Semi (ON) to $65 from $60 and keeps an Overweight rating on the shares. The firm says the company appears to be benefiting from a turn in the industry specifically within the industrial and automotive markets. On Semi noted each 1% of fab utilization increase can add 20-30 basis points of gross margin uptick. The firm believes utilization will go up during the first half of 2026, Piper adds.
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