ON Semiconductor (ON) Stock: $65 Price Target And Equal-Weight Rating

By Amit Chowdhry ● May 13, 2022
  • The shares of ON Semiconductor Corp (NASDAQ: ON) have received a $65 price target from Wells Fargo. These are the details.

The shares of ON Semiconductor Corp (NASDAQ: ON) have received a $65 price target from Wells Fargo. And Wells Fargo analyst Gary Mobley upgraded ON Semiconductor from an “Equal-Weight” rating to an “Overweight” rating while increasing the price target from $58.

Mobley adjusted the rating following the company’s first-quarter results. ON Semiconductor reported a Q1 EPS of $1.22, which was $0.17 higher than analyst estimates of $1.05. And the revenue for the quarter was $1.95 billion compared to the consensus estimate of $1.9 billion.

In terms of guidance, ON Semiconductor expects Q2 2022 EPS of between $1.20 and $1.32, compared to the consensus of $1.05. And ON Semiconductor expects Q2 2022 revenue of between $1.965 billion and $2.065 billion, compared to the consensus of $1.92 billion.

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