UPDATE: Wedbush Upgrades ON Semiconductor to Outperform
According to Wedbush, ON Semiconductor (NASDAQ: ONNN) is upgraded to Outperform.
Wedbush said that while it had expected ON Semiconductor (ONNN) to benefit from the overall growth of the semiconductor industry given its very broad exposure, it is seeing better-than-expected pro forma gross margin expansion tailwinds as the company's Sanyo business recovers from the Thailand floods above its prior expectations and tighter control of OpEx driving a faster-than-expected return to bottom-line growth and leverage in the model. “We upgrade ON Semiconductor to an OUTPERFORM rating from NEUTRAL, and we increase our price target to $12.50 from $10. We recommend investors buy the shares.”
ON Semiconductor closed yesterday at $9.12.
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