On Semiconductor price target lowered to $89 from $97 at Truist

Truist analyst William Stein lowered the firm’s price target on On Semiconductor (ON) to $89 from $97 and keeps a Buy rating on the shares following a “mixed” Q3 in which the company beat Q3 consensus modestly, guided Q4 a hair below consensus, and “gave a mix of updates that are unlikely to change opinions.” On Semiconductor “still appears poised to deliver” double-digit EPS growth through a cycle and shares are “far cheaper than similar analog semi assets,” the analyst tells investors in a post-earnings note.

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