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.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on ON. JPMorgan Chase & Co. reduced their target price on shares of Onsemi from $95.00 to $90.00 and set a neutral rating on the stock in a research note on Tuesday, February 6th. Benchmark reduced their target price on shares of Onsemi from $88.00 to $80.00 and set a buy rating on the stock in a research note on Tuesday. Morgan Stanley reduced their target price on shares of Onsemi from $80.00 to $70.00 and set an equal weight rating on the stock in a research note on Monday, April 22nd. B. Riley reaffirmed a buy rating and issued a $103.00 target price (down previously from $115.00) on shares of Onsemi in a research note on Tuesday. Finally, StockNews.com upgraded shares of Onsemi from a sell rating to a hold rating in a research report on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $90.24.
Get Our Latest Analysis on Onsemi
Onsemi Stock Down 0.9 %
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, beating analysts’ consensus estimates of $1.04 by $0.04. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.85 billion. Onsemi had a net margin of 26.67% and a return on equity of 28.86%. The company’s revenue for the quarter was down 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.19 EPS. On average, research analysts forecast that Onsemi will post 4.23 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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