- Mizuho analyst Vijay Rakesh reiterated a Buy rating on ON Semiconductor Corporation (NASDAQ:ON), raising the price target to $90 from $88.
- The analyst believes ON is well positioned for industrial growth and is “an EV and Camera Automotive content story” with additional tailwinds from servers and computing with better top-line growth and improving margins.
- The company has significant opportunities to expand its top line and drive EPS, as GMs are trending better, the analyst notes.
- Based on the above, FY23 revenue is raised from $8 billion to $8.21 billion. EPS is raised from $4.47 to $4.90.
- However, the analyst expects utilization to remain in the low 70% range for the remainder of 2023 as the company stays cautious in the face of macro headwinds.
- ON maintains its $1 billion/year run-rate while it sees its cloud/5G business growing at an 11% 2021-2025 CAGR. On May 1, the company reported first-quarter FY23 revenue growth of 1% year-on-year to $1.96 billion. The company expects second-quarter adjusted revenue of $1.975 billion-$2.075 billion.
- Price Action: ON shares are trading up 1.19% at $79.26 on last check Tuesday.
Lyft, Inc. Announced A Restructuring Plan Involving The Termination Of 1,072 Employees, Scaling Back Hiring, And Estimated Costs Of $41-47M In Q2 Of 2023, With Additional Costs To Be Disclosed In An Amendment To The 8-K Filing
- 8K Filing On April 27, 2023, Lyft, Inc. (the “Company”) announced a restructuring plan as part of its efforts to reduce operating costs. The plan involves the termination of approximately 1,072 employees,
