Onsemi (NASDAQ:ON – Get Free Report) updated its second quarter 2024 earnings guidance on Monday. The company provided earnings per share guidance of 0.860-0.980 for the period, compared to the consensus earnings per share estimate of 1.010. The company issued revenue guidance of $1.7 billion-$1.8 billion, compared to the consensus revenue estimate of $1.8 billion. Onsemi also updated its Q2 guidance to $0.86-0.98 EPS.
Analyst Upgrades and Downgrades
A number of equities analysts have recently issued reports on ON shares. Needham & Company LLC reaffirmed a buy rating and set a $92.00 price target on shares of Onsemi in a research report on Tuesday, February 6th. Stifel Nicolaus reduced their price target on Onsemi from $82.00 to $72.00 and set a hold rating on the stock in a research report on Thursday, April 18th. Rosenblatt Securities reaffirmed a neutral rating and set a $75.00 price target on shares of Onsemi in a research report on Tuesday, February 6th. BNP Paribas reaffirmed an underperform rating and set a $55.00 price target on shares of Onsemi in a research report on Friday, April 19th. Finally, Evercore ISI started coverage on shares of Onsemi in a report on Tuesday, April 16th. They set an outperform rating and a $104.00 price objective on the stock. One analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $95.28.
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Onsemi Price Performance
Onsemi (NASDAQ:ON – Get Free Report) last released its earnings results on Monday, April 29th. The semiconductor company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Onsemi had a net margin of 26.46% and a return on equity of 31.36%. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same period last year, the company posted $1.19 EPS. The business’s revenue was down 4.9% on a year-over-year basis. As a group, equities analysts anticipate that Onsemi will post 4.26 EPS for the current year.
About Onsemi
onsemi is engaged in disruptive innovations and also a supplier of power and analog semiconductors. The firm offers vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure, with a focus on automotive and industrial end-markets. It operates through the following segments: Power Solutions Group, Advanced Solutions Group, and Intelligent Sensing Group.
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