Mizuho Securities analyst Vijay Rakesh reiterated a Buy rating on ON Semi (ON) yesterday and set a price target of $25. The company’s shares closed yesterday at $20.56.
Rakesh wrote:
“We believe QTNA provides a Wi-Fi roadmap for IoT and industrial, and a L-T 5G roadmap as enterprise industrial and factory automation IoT and fixed wireless substitution with 5G and high bandwidth routers will be the next big step in communications. No change to estimates; ON is morphing with multiple new drivers including ADAS, EV, 5G, servers and now Wi-Fi. Reiterating our Buy rating and $25 PT.”
According to TipRanks.com, Rakesh is a top 100 analyst with an average return of 20.7% and a 61.0% success rate. Rakesh covers the Consumer Goods sector, focusing on stocks such as Skyworks Solutions, Texas Instruments, and Western Digital.
Currently, the analyst consensus on ON Semi is a Moderate Buy with an average price target of $25.28, representing a 23.0% upside. In a report released yesterday, Goldman Sachs also upgraded the stock to Buy with a $26 price target.
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Based on ON Semi’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $166 million. In comparison, last year the company had a net profit of $530 million.
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ON Semiconductor Corp. engages in the design, manufacture, and marketing of portfolio of semiconductor components. It operates through the following segments: Power Solutions Group, Analog Solutions Group, and Intelligent Sensing Group.
