ON Semiconductor Stock Price Target Lowered By KeyBanc: Retail Mood Mixed

Analysts at KeyBanc flagged concerns that ON Semiconductor could be impacted by slowing demand and that they don’t see any signs of a meaningful recovery yet.

Shares of ON Semiconductor Corp. (ON) declined in morning trade on Tuesday after KeyBanc downgraded the stock citing risks due to slowing demand.

According to TheFly, KeyBanc reduced the price target for ON Semiconductor stock to $70 from $90. The implied upside has been reduced to nearly 27% from 63%.

KeyBanc said broad-based demand trends beyond the automotive and smartphone industry in China point to downside risks for the company.

ON Semiconductor is an Arizona-based semiconductor supplier. Its products include power and signal management, logic, and discrete devices aimed at industries like auto, computing, medical, military, aerospace, and communications.

Retail sentiment on Stocktwits was in the ‘neutral’ (46/100) territory, while message volume saw a nominal decline on Tuesday.

The mood among users was not great, with one pointing at the fall in ON Semiconductor’s stock price.

Another user joked that the stock is now “off.”

However, not everyone is convinced about the bear thesis, with one user pointing out the divergent narratives about the demand for electric vehicles – an important industry to which ON Semiconductor supplies its products.

ON Semiconductor’s stock price has fallen more than 27% over the past six months.

In the last month alone, the company’s stock declined by nearly 17%, while it has lost over 25% over the past year.

For updates and corrections, email newsroom[at]stocktwits[dot]com.<