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ON Semiconductor Analysts Slash Their Forecasts After Q3 Results

Published 31/10/2023, 18:00
© Reuters. ON Semiconductor Analysts Slash Their Forecasts After Q3 Results

Benzinga - by Lisa Levin, Benzinga Editor.

ON Semiconductor Corp (NASDAQ: ON), on Monday, reported upbeat earnings for its third quarter, but issued weak fourth-quarter guidance.

ON Semiconductor reported a third-quarter FY23 revenue decline of 0.5% year-on-year to $2.18 billion, beating the consensus of $2.15 billion. The company’s adjusted EPS of $1.39 beat the consensus of $1.34.

ON Semiconductor expects fourth-quarter adjusted revenue of $1.95 billion - $2.05 billion, below the consensus of $2.18 billion. The company sees non-GAAP EPS of $1.13 - $1.27 versus the consensus of $1.36.

ON Semiconductor shares rose 0.7% to trade at $261.95 on Tuesday.

These analysts made changes to their price targets on ON Semiconductor following earnings announcement.

  • Needham cut the price target on ON Semiconductor from $120 to $92. Needham analyst Quinn Bolton maintained a Buy rating.
  • Baird lowered the price target on ON Semiconductor from $120 to $60. Baird analyst Tristan Gerra downgraded the stock from Outperform to Neutral.
  • Keybanc slashed the price target on ON Semiconductor from $125 to $95. Keybanc analyst John Vinh maintained an Overweight rating.
  • Rosenblatt cut the price target on ON Semiconductor from $100 to $75. Rosenblatt analyst Kevin Cassidy maintained a Neutral rating.
  • Morgan Stanley slashed the price target on ON Semiconductor from $110 to $76. Morgan Stanley analyst Joseph Moore maintained an Equal-Weight rating.
  • Goldman Sachs lowered the price target on ON Semiconductor from $106 to $93. Goldman Sachs analyst Toshiya Hari maintained a Buy rating.
  • Susquehanna cut the price target on ON Semiconductor from $110 to $90. Susquehanna analyst Christopher Rolland maintained a Positive rating.
  • Mizuho lowered the price target on ON Semiconductor from $120 to $98. Mizuho analyst Vijay Rakesh maintained a Buy rating.
  • Truist Securities slashed the price target on ON Semiconductor from $122 to $81. Truist Securities analyst William Stein maintained a Buy rating.
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Latest Ratings for ON

Feb 2022Morgan StanleyMaintainsEqual-Weight
Feb 2022StifelMaintainsHold
Feb 2022SusquehannaMaintainsPositive

View the Latest Analyst Ratings

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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