ON Semiconductor Analysts Slash Their Forecasts After Q3 Results
Portfolio Pulse from Lisa Levin
ON Semiconductor Corp reported Q3 FY23 revenue of $2.18 billion, beating the consensus of $2.15 billion. However, the company issued weak Q4 guidance, expecting adjusted revenue of $1.95 billion - $2.05 billion, below the consensus of $2.18 billion. Following the earnings announcement, several analysts including Needham, Baird, Keybanc, Rosenblatt, Morgan Stanley, Goldman Sachs, Susquehanna, Mizuho, and Truist Securities lowered their price targets on ON Semiconductor.
October 31, 2023 | 6:00 pm
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ON Semiconductor's Q3 earnings beat expectations but the company's weak Q4 guidance led to several analysts lowering their price targets on the stock.
ON Semiconductor's Q3 earnings beat expectations, which is positive for the stock. However, the company's weak Q4 guidance is a negative signal, indicating potential future underperformance. This has led to several analysts lowering their price targets on the stock, which could put downward pressure on the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100