ON Semiconductor Q3: Remain Soft In Automotive And Industrial
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ON Semiconductor Corporation faces a challenging Q3 with a significant revenue and profit decline due to weak market demands. Despite this, a 'Strong Buy' rating is maintained with a target price of $120, driven by long-term growth prospects in electrification and the SiC market.
December 02, 2024 | 9:15 pm
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ON Semiconductor Corporation reported a 19.2% decline in revenue and a 37.3% drop in adjusted operating profits for Q3 due to weak market demands. Despite these challenges, the company is expected to recover in the long term, driven by electrification trends and growth in the SiC market. A 'Strong Buy' rating is reiterated with a target price of $120.
The short-term impact on ON Semiconductor's stock price is neutral due to the current revenue and profit declines. However, the long-term outlook remains positive, supported by growth in electrification and the SiC market, justifying the 'Strong Buy' rating and $120 target price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100