TXN - ON Semi gains as Rosenblatt sees positive in STM results

Earlier today, STMicroelectronics posted positive preliminary Q3 results and raised its full-year sales outlook.Rosenblatt Securities analyst Kevin Cassidy says the news is positive for ON Semiconductor (ON), which has a similar auto end market exposure.Cassidy now sees "likely upside to our and consensus estimates" for ON and maintains a Buy rating.The analyst also notes that STM's news seems to show that auto demand continued to accelerate through September.Context: Other chip stocks with auto exposure include NXP Semi ([[NXPI]] +5.8%), Maxim Integrated ([[MXIM]] +2.7%), and Texas Instruments ([[TXN]] +1.9%).ON shares are currently up 5.9% to $22.96.Previously: STMicroelectronics guides Q3 and FY20 revenue above consensus (Oct. 01 2020)

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ON Semi gains as Rosenblatt sees positive in STM results