ON Semiconductor Analysts Cut Their Forecasts After Q1 Results
Portfolio Pulse from Avi Kapoor
ON Semiconductor Corp reported better-than-expected Q1 2024 results with a revenue decline of 5% year-on-year to $1.86 billion, surpassing the consensus of $1.85 billion. Adjusted EPS was $1.08, beating the consensus of $1.04. Revenue from different groups varied, with PSG growing 2%, AMG decreasing 6%, and ISG falling 18%. The company expects Q2 adjusted revenue to be below consensus, leading to a 4.1% rise in shares to close at $70.82. Analysts from Mizuho, Susquehanna, Rosenblatt, Keybanc, Benchmark, and B. Riley Securities adjusted their price targets following the earnings announcement.
April 30, 2024 | 12:51 pm
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ON Semiconductor exceeded Q1 2024 expectations with a minor revenue decline and an EPS beat. Despite a lower Q2 outlook, shares increased. Analysts revised price targets, indicating mixed sentiment.
The positive Q1 results and the subsequent share price increase suggest a short-term bullish sentiment. However, the lowered Q2 outlook and adjusted analyst price targets introduce caution, potentially moderating the impact.
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RELEVANCE 100