ON Semiconductor Corporation (NASDAQ:ON) is at a pivotal turning point, according to the latest analyst notes released Tuesday.
Following a robust first quarter of earnings beat, Needham & Company and Rosenblatt Securities have both raised their price forecasts, though they remain divided on the stock’s ultimate valuation.
Rosenblatt: “L-Shaped” Recovery Finally Turns Up
Rosenblatt Securities raised its price forecast on ON to $85 from $60, while keeping a Neutral rating. Analysts at the firm noted that the company’s business is finally emerging from a multi-year “L-shaped” recovery.
Rosenblatt attributed this shift to a “combination of cyclical upturn and secular new designs ramping into production.” Analysts argued that the current report, while positive, does not yet provide enough upside to support a valuation exceeding 31 times next-twelve-months earnings.
Needham: AI Data Center Revenue to Double
Needham reiterated a Buy rating and surged its price forecast to $110 from $72. Needham’s …
This post was originally published here
