ON Semiconductor analyst day impresses Wall Street

Analysts at BofA and Stifel said they were impressed following ON Semiconductor Corporation’s (NASDAQ:) Financial Analyst Day on Tuesday.

The event featured presentations from various leaders at the company, including President and CEO Hassane El-Khoury, and Thad Trent, EVP, and CFO, revealed Stifel analysts.

The analysts, who raised the firm’s price target on the Hold-rated stock to $83 from $78, said they “came away impressed with ON’s execution of its core strategy.”

However, they added: “We nevertheless continue to believe the company’s turnaround efforts have already been priced in, and we remain concerned that the broader industry correction may eventually reach the Automotive end market (and more resilient Industrial end markets) in 2H23E.”

At BofA, analysts reiterated a Buy rating on the stock, raising the price target to $110 from $100 and stating it remains one of the firm’s top auto picks.

It was an “impressive analyst day where management set solid growth targets, well-supported by secular content growth tailwinds and resilient pricing in automotive (EV, safety), industrial (energy infra, factory automation, charging), cloud power and 5G products,” said the analysts.