Rosenblatt Securities analyst Kevin Cassidy maintained a Buy rating on ON Semiconductor (ON – Research Report) today and set a price target of $60.00. The company’s shares closed last Monday at $44.35, close to its 52-week high of $44.59.
According to TipRanks.com, Cassidy is a top 100 analyst with an average return of 26.3% and a 71.7% success rate. Cassidy covers the Technology sector, focusing on stocks such as Smart Global Holdings, Skyworks Solutions, and Seagate Tech.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for ON Semiconductor with a $46.42 average price target, implying an 8.1% upside from current levels. In a report issued on July 20, Piper Sandler also maintained a Buy rating on the stock with a $45.00 price target.
Based on ON Semiconductor’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $1.48 billion and net profit of $89.9 million. In comparison, last year the company earned revenue of $1.28 billion and had a GAAP net loss of $14 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, Advanced Solutions Group, and Intelligent Sensing Group. The Power Solutions Group segment offers discrete, module, and semiconductor products that perform multiple application functions, including power switching, power conversion, signal conditioning, circuit protection, signal amplification, and voltage reference functions. The Advanced Solutions Group segment designs and develops analog, mixed-signal, advanced logic, ASSPs and ASICs, Wi-Fi and power solutions for a broad base of end-users in the automotive, consumer, computing, industrial, communications, medical and aerospace/defense markets. The Intelligent Sensing Group segment includes designs and develops CMOS and CCD image sensors, as well as proximity sensors, image signal processors, single photon detectors, including SiPM and SPAD arrays, as well as actuator drivers for autofocus and image stabilization for a broad base of end-users in the automotive, industrial, consumer, wireless, medical and aerospace/defense markets.. The company was founded on August 4, 1999 and is headquartered in Phoenix, AZ.