On Semi price target raised to $66 from $57 at Truist

Truist raised the firm’s price target on On Semi (ON) to $66 from $57 and keeps a Hold rating on the shares. The company’s Q4 result and Q1 outlook were similar – modest revenue disappointments coupled with margin upside, and while the bulls might point to the performance excluding business exits, the firm’s analysis suggests the exits reduced reported and outlook growth by less than 100bps, the analyst tells investors in a research note. Truist adds however that On Semi continues to improve the product portfolio and cost structure, and is driving to better margins.