ON Semi Sees Utilization Cuts As EV Demand Softens, Analyst Warns

Needham analyst N. Quinn Bolton maintained ON Semiconductor ON with a Buy and lowered the price target from $87 to$66.Bolton met with ON Semiconductor management at the annual Consumer Electronics Show last week.Like recent quarters, end demand conditions remain muted across the company’s key industrial and automotive end markets, and inventory digestion continues.Also Read: Verizon Hits 5.5 Gbps 5G Speeds, Lands Air Force Deal to Upgrade Base Networks NationwideIn the near term, turn orders have been weak ...