ON Semiconductor Slashed to Neutral at Rosenblatt
<p>Rosenblatt analysts downgraded <a href='https://financialmodelingprep.com/financial-summary/ON'>ON Semiconductor (NASDAQ:ON)</a> to Neutral from Buy and set a price target of $95.00, acknowledging that the company's shares have experienced significant growth since the coverage was initiated in June 2020. </p>
<p>The analysts attribute this success to the new management team's strategic focus on the Industrial and Automotive markets, which resulted in sales growth, margin expansion, and earnings growth that outperformed industry peers. </p>
<p>However, the analysts are now opting to take a more cautious stance due to emerging indicators of shorter automotive semiconductor lead times and rising new-vehicle inventory. Despite the resilience of the Automotive and Industrial sectors, especially for analog products with increasing content, the capacity expansion has apparently caught up with demand, suggesting an impending correction in the market.</p>

NASDAQ:ON