ON Semiconductor Corp ON) reported better-than-expected earnings for its second quarter.
The company also said it sees Q3 revenue of $2.07 billion – $2.17 billion, above the consensus of $2.02 billion. It expects non-GAAP EPS of $1.25 – $1.37, above the consensus of $1.21.
ON Semiconductor, however, shares fell 0.4% to $63.39 in the pre-market trading session.
Several analysts made changes to their price targets on ON Semiconductor following the release of results.
- Needham raised price target on ON Semiconductor from $60 to $80. However, Needham analyst Rajvindra Gill maintained the stock with a Strong Buy.
- Mizuho lifted boosted ON Semiconductor’s price target from $68 to $72. However, Mizuho analyst Vijay Rakesh maintained the stock with a Buy rating.
- Citigroup boosted the price target on the stock from $73 to $75. However, Citigroup analyst Christopher Danely maintained ON Semiconductor with a Buy.
- Susquehanna raised ON Semiconductor’s price target from $77 to $82. However, Susquehanna analyst Christopher Rolland maintained a Positive rating on the stock.
- Goldman Sachs increased the price target on the stock $60 to $68. However, Goldman Sachs analyst Toshiya Hari maintained ON Semiconductor with a Buy.
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