ON Semiconductor Well Positioned For Cyclical Recovery: Analyst
Portfolio Pulse from Anusuya Lahiri
Needham analyst Quinn Bolton reiterated a Buy rating for ON Semiconductor Corp (NASDAQ:ON) with a $92 price target, citing stabilization in the industrial business and expected recovery in automotive and energy infrastructure sectors. The analyst projects higher gross margins driven by increased utilization rates and sees ON as well-positioned for a cyclical recovery.
June 13, 2024 | 5:46 pm
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Needham analyst Quinn Bolton reiterated a Buy rating for ON Semiconductor Corp with a $92 price target. The analyst is bullish on ON shares ahead of an anticipated cyclical recovery, citing stabilization in the industrial business and expected recovery in automotive and energy infrastructure sectors. Bolton projects higher gross margins driven by increased utilization rates and sees ON as well-positioned for a cyclical recovery.
The analyst's reiteration of a Buy rating and a $92 price target, along with positive projections for gross margins and sector recoveries, are likely to boost investor confidence in ON Semiconductor. The company's stabilization in the industrial business and expected recovery in automotive and energy infrastructure sectors further support a positive short-term impact on the stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100