Analysts at Bank of America and Stifel were impressed following ON Semiconductor Corporation’s Financial Analyst Day on Tuesday. The event featured presentations from various leaders at the company, including President and CEO Hassane El-Khoury and Thad Trent, EVP and CFO. Stifel analysts raised their price target on the Hold-rated stock to $83 from $78, while BofA analysts reiterated a Buy rating on the stock, raising the price target to $110 from $100. Both firms highlighted the company’s execution of its core strategy and its potential to benefit from secular content growth tailwinds and resilient pricing in automotive, industrial, cloud power, and 5G products. Despite the positive outlook, Stifel analysts remain concerned that the broader industry correction may eventually reach the automotive end market in 2H23E.
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