Shares of ON Semiconductor Corp (NASDAQ:ON) rose in early trading on Tuesday, after the company reported upbeat earnings for its second quarter.

The results came amid an exciting earnings season. Here are some key analyst takeaways from the earnings release.

• Susquehanna analyst Christopher Rolland maintained a Positive rating, while raising the price target from $115 to $130.
• Mizuho Securities analyst Vijay Rakesh reiterated a Buy rating, while lifting the price target from $112 to $120
• Truist Securities analyst William Stein reaffirmed a Buy rating, while raising the price target from $93 to $122.
• Stifel analyst Tore Svanberg maintained a Hold rating, while lifting the price target from $98 to $105.

Check out other analyst stock ratings.

Susquehanna: ON Semiconductor reported another set of upbeat results and guidance, which were “driven primarily by upside in Automotive and Industrial,” Rolland said in a note.

Automotive quarterly revenues crossed the $1 billion, driven by growth in Silicon Carbide (SiC) and Image Sensors — “two important components of our long-term ON thesis,” the analyst wrote. “GMs for SiC doubled QOQ, and the segment achieved high-teens OMs (first profitable quarter here) as the opportunity exceeds our profit expectations,” he added.

Mizuho Securities: The company’s quarterly results were healthy, driven by automotive growth of 35% year-over-year and industrials growing 5% year-on-year, “with continued strength in Autos with EV/SiC and energy infrastructure," Rakesh wrote in a note.

"ON sees C23E SiC growing ~5x y/y to >$1B, after C22 was >$200M, as SiC production was above expectations in the JunQ,” he added. "We like ON's strength in Auto/Industrial with SiC driving the next global energy transformation."

Truist Securities: "ON delivered upside in Q2 and guided Q3 better," Stein wrote. "Longer-term, management reiterated its operating targets for SiC, its profitability goals overall, and highlighted ever-growing long-term customer agreements."

"These refute the bear case and reinforce the future stability of ON's financials," the analyst said.

Stifel: ON Semiconductor reported “solid” results, with SiC execution driving another beat and raise, Svanberg said.

"ON continues to impress investors, with its strategic execution mitigating NT macro headwinds," the analyst wrote. "Nevertheless, and coupled with FCF running well below its LT target, we believe ON trades at a valuation premium relative to large cap peers."

ON Price Action: Shares of ON Semiconductor had risen by 1.02% to $108.85 at the time of publication Tuesday.