Mizuho, Susquehanna Cut Price Targets On ON Semiconductor Following Q3 Results, But This Analyst Boosts PT

Mizuho, Susquehanna Cut Price Targets On ON Semiconductor Following Q3 Results, But This Analyst Boosts PT

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.

Posted In: PT ChangesEarningsNewsPrice TargetPre-Market OutlookMarketsAnalyst RatingsTrading Ideas