ON Semiconductor Receives Double-Digit Price Target Hike and Hits Two-Year High
ON Semiconductor (ON) reached a two-year high after a double-digit price target upgrade from B. Riley, which raised its target to $115 from $64. The stock rose 9.88% to $7.78, though it closed below its intraday high of $99.18. The upgrade was based on expectations of in-line first-quarter earnings and progress in exiting non-core revenue streams.
Topics: earnings expectations market sentiment price target upgrade stock price movement