ON Semiconductor Stock (NASDAQ: ON) Continues Decline as Analyst Cuts Price Target
Bank of America (BofA) has reduced its price target for ON Semiconductor Corporation (NASDAQ: ON), from $90 to $75, maintaining a ‘Buy’ rating on the stock. The adjustment comes after analysts attended the CES trade show, engaging with various technology sectors, where ON Semiconductor’s outlook was notably less optimistic than previously. Concerns about recovery prospects in both the near-term and the calendar year 2025 have led to a subsequent decrease in the estimated pro-forma EPS for the next few years.
Following the announcement, ON Semiconductor’s shares fell by 7.79%, with the stock price landing at $53.76 from the previous close of $58.31. The sharp decline in price highlights market concerns following BofA’s revised outlook…
