ON Semiconductor Corporation ON reported upbeat earnings for its third quarter.
ON Semiconductor reported third-quarter FY22 revenue growth of 26% year-on-year to $2.19 billion, beating the consensus of $2.12 billion. Non-GAAP EPS of $1.45 beat the consensus of $1.32.
ON Semiconductor sees Q4 revenue of $2.01 billion - $2.14 billion, versus the consensus of $2.10 billion. It sees non-GAAP EPS of $1.18 - $1.34 versus the consensus of $1.25.
ON Semiconductor shares gained 2% to $62.65 in pre-market trading.
These analysts made changes to their price targets on ON Semiconductor after the company released quarterly results.
- Mizuho cut price target on ON Semiconductor from $79 to $72. Mizuho analyst Vijay Rakesh maintained a Buy rating on the stock.
- Susquehanna lowered ON Semiconductor price target from $82 to $80. Susquehanna analyst Christopher Rolland maintained a Positive rating on the stock.
- Morgan Stanley, however, raised ON Semiconductor price target from $65 to $70.4. Morgan Stanley analyst Joseph Moore maintained the stock with an Equal-Weight.
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