ON Semi Sees Utilization Cuts As EV Demand Softens, Analyst Warns
1. Needham analyst maintained 'Buy' rating on ON Semiconductor but lowered price target. 2. Soft demand persists in key markets, affecting future revenue projections. 3. Management plans to reduce fab utilization rates, potentially lowering margins. 4. Chinese EV companies prefer ON's technology despite local government suggestions. 5. Fourth-quarter revenue and EPS estimates revised down by the analyst.