TECH - ON Semiconductor Well Positioned For Cyclical Recovery: Analyst | Benzinga
Needham analyst Quinn Bolton reiterated ON Semiconductor Corp (NASDAQ:ON) with a Buy rating and a $92 price target.
The analyst hosted a virtual NDR with Thad Trent, CFO, and Parag Agarwal, VP of IR and Corporate Development, and came incrementally bullish towards ON shares ahead of the anticipated cyclical recovery.
Bolton said cancellations and pushouts peaked late last year and have returned to normal.
The company has seen stabilization in its traditional industrial business, which was first to feel the effects of the downturn in the second half of 2022.
Inventory digestion in automotive and energy infrastructure will likely last another 1-2 quarters, but shipments should return to end-consumption levels late this year, as per the analyst.
He said that internal inventory levels are at ...