Several semiconductor stocks received price-target increases on Tuesday.
These semiconductor companies included MKS Instruments (MKSI), Monolithic Power Systems (MPWR) and #ON Semiconductor (ON).
Among these Citigroup raised its price forecast for ON to $23.50 from $17. In addition, Citi maintained its buy rating for the company.
Citi analyst Christopher Danely said that strong demand and better pricing have created “robust” business conditions.
Meanwhile, ON announced the introduction of what it called “the world’s first highly scalable family of next-generation automotive image sensors.” The new technology is intended to enable automakers to meet the evolving standards for ADAS such as European NCAP 2020. In addition, it offers next-generation features such as electronic mirrors and high-resolution surround view systems with anti-flicker technology.
As a result, Zacks has rated ON as one of its top ranked growth stocks.