3 Stocks Down More Than 11% in 2024 That Are Screaming Buys in August
It hasn't been a banner year so far for shares in ON Semiconductor (NASDAQ: ON), advanced materials company Hexcel (NYSE: HXL), and design and test solutions company Keysight Technologies (NYSE: KEYS). All three stocks are down 11% to 15% on the year at the time of writing, but that doesn't mean you shouldn't buy them. On the contrary, they all look like a great value right now. Here's why.
The semiconductor company continues to expect challenging markets in 2024. At the same time, its management also expects long-term solid growth and is investing in its business accordingly.
The near-term headwinds come from its heavy exposure to the automotive and industrial end markets (together slightly more than 79% of total revenue) that are weak in 2024. Unfortunately, there's little the company can do about rising interest rates curtailing automotive sales and, ultimately, electric vehicle (EV) investment. That's an issue for ON Semiconductor as it has significantly more content on EVs than internal combustion engines (ICE), notably from its silicon carbide (SiC) chips.
Source Fool.com
