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UPDATE: FBR Reiterates Outperform Rating, Lowers PT on ON Semiconductor

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In a report published Monday, FBR Capital Markets reiterated its Outperform rating on ON Semiconductor (NASDAQ: ONNN), but lowered its price target from $12.00 to $10.00.

FBR noted, “For ON Semi, we think 2Q12 revenues tracked near the low end of revenue guidance of $745 million to $785 million, worse than the Street's $765 million. For 3Q12, we think the firm can guide revenues to $760 million to $800 million, worse than the Street's $810 million due to sluggishness in the PC sector and some deterioration in the industrial and automotive sectors. We remain constructive on ONNN at these attractive valuations as investors should have visibility into $0.75 of run-rate EPS in 2013, and with shares still discounting substantial bad news.”

ON Semiconductor closed on Friday at $6.52.

Latest Ratings for ONNN

DateFirmActionFromTo
Jan 2015CitigroupAssumesSellNeutral
Oct 2014Pacific CredtDowngradesOutperformSector Perform
Sep 2014JP MorganDowngradesOverweightNeutral

View More Analyst Ratings for ONNN
View the Latest Analyst Ratings

Posted-In: FBR Capital MarketsAnalyst Color Price Target Analyst Ratings

 

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