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Bank of America reiterates Buy rating on Onsemi (ON) but slashes price target to $120 from $138, despite the chipmaker reporting Q2 sales and profit surge
Bank of America analyst Vivek Arya maintained a "Buy" rating on Onsemi but lowered the firm's price objective, citing a lower valuation multiple (20 times estimated 2028 earnings, down from 32 times 2027 earnings) despite raising earnings estimates. Onsemi's Q2 revenue rose 9% year-over-year to $1.604 billion, with non-GAAP diluted earnings per share increasing to $0.74. The company's AI data-center business is its fastest-growing operation, with management expecting AI data-center revenue to more than double in 2026.
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