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FBR Capital Markets Reiterates Outperform Rating, $7.25 PT on ON Semiconductor Corp.

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In a report published Monday, FBR Capital Markets reiterated its Outperform rating and $7.25 price target on ON Semiconductor Corp. (NASDAQ: ONNN).

FBR Capital Markets noted, “We see ongoing macro weakness, ‘fiscal cliff,' and debt- ceiling risks that could derail any recovery. Stepping back, despite near-term weakness, ONNN remains a gross margin recovery story with seemingly attractive risk/reward as it resizes its manufacturing footprint following its Sanyo acquisition, Japanese earthquake, and Thai floods. ON's management is adept at restructuring activities, and we expect solid financial improvements in 1H13, with some possibility of global inventory restocking. We maintain our Outperform rating and $7.25 price target, based on a 14x target P/E (2013 EPS, including stock compensation).”

ON Semiconductor Corp. closed on Friday at $6.72.

Latest Ratings for ONNN

DateFirmActionFromTo
Oct 2014Pacific CredtDowngradesOutperformSector Perform
Sep 2014JP MorganDowngradesOverweightNeutral
Sep 2014BairdDowngradesOutperformNeutral

View More Analyst Ratings for ONNN
View the Latest Analyst Ratings

Posted-In: FBR Capital MarketsAnalyst Color Reiteration Analyst Ratings

 

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