ON Semiconductor Analysts Increase Their Forecasts Following Upbeat Earnings

Author: Avi Kapoor | July 30, 2024 09:12am

ON Semiconductor Corp (NASDAQ:ON) reported better-than-expected second quarter financial results on Monday.

ON Semiconductor reported a fiscal second-quarter 2024 revenue decline of 17.2% year-on-year to $1.74 billion, beating the analyst consensus estimate of $1.73 billion. The adjusted EPS of 96 cents beat the analyst consensus estimate of 92 cents per share, according to data from Benzinga Pro.

CEO Hassane El-Khoury said, "As reflected by our recent supply agreement with Volkswagen Group, we also continue to strengthen our silicon carbide leadership position in automotive as we ramp production with leading global OEMs in Europe, North America and China."

ON Semiconductor said it expects third-quarter adjusted revenue of $1.70 billion – $1.80 billion, versus the consensus of $1.73 billion. The company sees adjusted EPS of 91 cents to $1.03 versus the consensus of 92 cents.

ON Semiconductor shares gained 11.5% to close at $78.27 on Monday.

These analysts made changes to their price targets on ON Semiconductor following the announcement.

• JP Morgan analyst Harlan Sur maintained ON Semiconductor with a Neutral rating, while raising the price target from $85 to $88.
• Benchmark analyst David Williams maintained the stock with a Buy rating, while increasing the price target from $80 to $90.
• Truist Securities analyst William Stein maintained ON Semiconductor with a Buy rating and boosted the price target from $85 to $97.

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