TD Cowen analyst Joshua Buchalter raised the firm’s price target on On Semi (ON) to $75 from $70 and keeps a Buy rating on the shares. The firm said after mostly in-line or better results from peers, the company’s guidance miss sent shares lower given the view that management’s prior commentary was conservative. Demand picture is consistent with 90 days ago, with improved bookings/backlog with little-no upside.
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