3 Hot Stocks That Can Live Up to Their Lofty Valuations

Because the stock for all three of these companies trades at more than 20 times current earnings, shares of ON Semiconductor (NASDAQ: ON), Cognex (NASDAQ: CGNX), and Teledyne Technologies (NYSE: TDY) wouldn't be considered cheap by the usual metrics. Still, all three of these tech stocks have excellent long-term growth prospects that could make their current valuations look very reasonable.

Let's find out more about these three hot stocks.

ON Semiconductor, commonly known as Onsemi, is working toward a future focused on automotive and industrial end markets. Management expects these two segments will combine to contribute 75% of revenues in 2025 compared to 60% in 2021.

Source Fool.com