ON Semiconductor Manages Profitability Against Odds, 5 Analysts Raise Forecasts As 'Inventory Health Slowly Improves'
Portfolio Pulse from Priya Nigam
ON Semiconductor Corp (NASDAQ:ON) reported strong second-quarter earnings, beating expectations on gross margins and non-GAAP gross margin. Despite this, shares fell by 4.22% due to concerns over shipment declines and revenue guidance. Five analysts raised their price targets, citing the company's competitive position and potential for future growth.
July 30, 2024 | 3:36 pm
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ON Semiconductor reported strong Q2 earnings, beating expectations on gross margins and non-GAAP gross margin. Despite this, shares fell by 4.22% due to concerns over shipment declines and revenue guidance. Analysts raised their price targets, citing the company's competitive position and potential for future growth.
Despite the short-term decline in share price, the strong earnings report and raised price targets from multiple analysts suggest a positive outlook for ON Semiconductor. The company's competitive position and potential for future growth in key markets like SiC and CMOS image sensors are key factors.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100