ON Semiconductor Analysts Increase Their Forecasts Following Upbeat Earnings
Portfolio Pulse from Avi Kapoor
ON Semiconductor Corp (NASDAQ:ON) reported better-than-expected Q2 2024 financial results, with revenue and EPS beating analyst estimates. The company also provided a positive outlook for Q3. Analysts have raised their price targets following the announcement.
July 30, 2024 | 1:12 pm
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ON Semiconductor reported better-than-expected Q2 2024 results, with revenue of $1.74 billion and adjusted EPS of 96 cents, both beating analyst estimates. The company provided a positive Q3 outlook and announced a supply agreement with Volkswagen Group. Analysts raised their price targets, and shares gained 11.5%.
ON Semiconductor's better-than-expected Q2 results and positive Q3 outlook, along with a new supply agreement with Volkswagen, have led to increased analyst price targets and a significant share price increase. This indicates strong investor confidence and potential for further short-term gains.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100