On Semi price target raised to $70 from $50 at Roth Capital

Roth Capital raised the firm’s price target on On Semi (ON) to $70 from $50 and keeps a Buy rating on the shares. The firm believes On shares will benefit from a stabilizing automotive outlook following multiple years of softer demand and inventory digestion. While advanced power semiconductors have faced greater competition in recent years in a weaker demand environment, On’s manufacturing and cost advantage, coupled with broad automotive customer traction, will drive a recovery in demand, the analyst tells investors in a research note.